What the entry closing the expense and revenue summary is a

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Reference no: EM132755819

Problem 1: The entry closing the Expense and Revenue Summary is a

A. debit of $1,079.72 because there's net profit.

B. credit of $1,079.72 because there's a net loss.

C. credit of $1,079.72 because there's net profit.

D. credit of $1,079.72 because there's a net loss.

Problem 2: You would transfer the net profit for a period to

A. an asset account.

B. a liability account.

C. can owner's equity account.

D. to the general ledger

Reference no: EM132755819

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