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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
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