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Describe the nature of the income summary account

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Reference no: EM131988424

Question - Write a 200- to 300-word paragraph answering the following questions:

Identify the account(s) debited and credited in each of the four closing entries, assuming the company has net income for the year.

Describe the nature of the Income Summary account and identify the types of summary data that may be posted to this account.

Reference no: EM131988424

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