If a business has a net loss, the closing entry to close Income Summary would be a debit to Income Summary and a credit to Retained Earnings.

Name: If a business has a net loss, the closing entry to close Income Summary would be a debit to Income Summary and a credit to Retained Earnings.
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The Answer of If a business has a net loss, the closing entry to close Income Summary would be a debit to Income Summary and a credit to Retained Earnings.

If a Business Has a Net Loss, the Closing Entry