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Assuming the Kreditor / Marble Partnership has $20,000 of net income for the year, the closing entry at year end would include: Multiple Choice cr. Retained Earnings 20,000 cr. Kreditor, Drawings 10,000 cr. Marble, Drawings 10,000 dr. Income Summary 20,000 cr. Income Summary 20,000

Assuming the Kreditor / Marble Partnership has $20,000 of net income for the year, the closing entry at year end would include: Multiple Choice cr. Retained Earnings 20,000 cr. Kreditor, Drawings 10,000 cr. Marble, Drawings 10,000 dr. Income Summary 20,000 cr. Income Summary 20,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Acct 102

Assuming the Kreditor /Marble Partnership has $20,000 of net income for the year, the closing entry at year end would include: Multiple Choice cr. Retained Earnings 20,000 cr. Kreditor, Drawings 10,000 cr. Marble, Drawings 10,000 dr. Income Summary 20,000 cr. Income Summary 20,000
Transcribed Image Text:Assuming the Kreditor /Marble Partnership has $20,000 of net income for the year, the closing entry at year end would include: Multiple Choice cr. Retained Earnings 20,000 cr. Kreditor, Drawings 10,000 cr. Marble, Drawings 10,000 dr. Income Summary 20,000 cr. Income Summary 20,000
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