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Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.
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Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.

User Leveluptor
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Assuming that you wanted to know how to journal this, it would be :

Dec. 31

Debit Credit
Income Summary $ 188,000
Retained Earning $ 188,000
User Vitalii Ivanov
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