The Income Summary account has a debit balance of $10,000 prior to closing. The owner's Drawing account has a balance of $7,000 before closing. The owner's Capital account will
A) decrease $10,000.
B) increase $17,000.
C) increase $10,000.
D) decrease $17,000.
E) increase $7,000.
Correct Answer:
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A) Accumulated
Q11: The Income Summary account has an $8,000
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