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The Owner's Capital, Withdrawals, and Income Summary Accounts for Laurel

Question 47

Multiple Choice

The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The owner's Capital, Withdrawals, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries: The amount of net income (or net loss) for the period is A) $400 net loss. B) $500 net income. C) $900 net income. D) $400 net income. The amount of net income (or net loss) for the period is


A) $400 net loss.
B) $500 net income.
C) $900 net income.
D) $400 net income.

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