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The Income Summary Account Shows

Question 113

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The Income Summary account shows:
The Income Summary account shows:    a,What does this indicate? b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson. a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

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a.The business has a net loss ...

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