The first two closing entries to the Income Summary account indicate a debit of $47,000...
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Accounting
The first two closing entries to the Income Summary account indicate a debit of $47,000 and a credit of $41,000. The third closing entry would be:
Multiple Choice
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debit Income Summary $6,000; credit Drawing $6,000
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debit Capital $6,000; credit Income Summary $6,000
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debit Income Summary $47,000; credit Capital $47,000
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debit Income Summary $41,000; credit Expenses $41,000
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