26. if temporary accounts with debit balances equal to $200,000 and temporary accounts with credit...
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Accounting
26. if temporary accounts with debit balances equal to $200,000 and temporary accounts with credit balances equal to $300,000 are closed at the end of the accounting period. Which of the following would occur as a result of the closing entry?
a. Total Owner's Equity would have a net increase of $100,000
b. Long-Term Liabilities would have a net increase of $100,000
c. Total Assets would have a net increase of $100,000
d. Total Owner's Equity would have a net decrease of $100,000
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