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Use This Adjusted Trial Balance to Answer the Following Question

Question 120

Multiple Choice

Use this adjusted trial balance to answer the following question. Use this adjusted trial balance to answer the following question. The entry to close Income Summary includes a A) credit to Common Stock for $16,000. B) credit to Income Summary for $24,000. C) debit to Income Summary for $14,000. D) debit to Retained Earnings for $32,000. The entry to close Income Summary includes a


A) credit to Common Stock for $16,000.
B) credit to Income Summary for $24,000.
C) debit to Income Summary for $14,000.
D) debit to Retained Earnings for $32,000.

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