Which closing entries should be made

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Reference no: EM132641841

Problem 1: Closing entries should be made:

A. Only when an entity goes out of business
B. Every year
C. Only if there is a loss.
D. Only if there is a profit.

Problem 2: The Income Summary account has debits of $85,000 and credits of $75,000. The company had which of the following:

A. Net income of $160,000
B. Net loss of $10,000
C. Net income of $10,000
D. Net loss of $160,000.

Reference no: EM132641841

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