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M Sims Showed a Net Income of $8,000

Question 87

Multiple Choice

M. Sims showed a net income of $8,000. The entry to close the Income Summary account would include a:

A) debit to M. Sims Capital, $8,000.
B) credit to M. Sims Capital, $8,000.
C) debit to Income Summary, $8,000.
D) Both B and C are correct.

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