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Homework answers / question archive / In manual accounting, the Income Summary Account is closed to ________

In manual accounting, the Income Summary Account is closed to ________

Accounting

In manual accounting, the Income Summary Account is closed to ________.

  • a. Cash
  • b. Owner's Capital
  • c. Owner's Draw
  • d. Revenue
  • e. Expenses

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In manual accounting, the Income Summary Account is closed to retained earnings account (Owner's Capital)

Hence, the correct option is b) Owner's capital

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