Waterfall, Inc. has reported a net loss for 2017 of $35,072. Which of the following...
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Waterfall, Inc. has reported a net loss for 2017 of $35,072. Which of the following closing entries would Waterfall Inc. make during the 2017 closing process?
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a. Debit: Income Summary$35,072 b. Debit: Service Revenue.$35,072 Credit: Service Revenue.$35,072 Credit: Income Summary...$35,072
c. Debit: Income Summary..$35,072 d. Debit: Retained Earnings$35,072
Credit: Retained Earnings..$35,072 Credit: Income Summary.......$35,072
Waterfall, Inc. has reported a net loss for 2017 of $35,072. Which of the following closing entries would Waterfall Inc. make during the 2017 closing process? a. Debit: Income Summary..$35,072 Credit: Service Revenue...$35,072 b. Debit: Service Revenue..$35,072 Credit: Income Summary...$35,072 d. Debit: Retained Earnings...$35,072 Credit: Income Summary...$35,072 c. Debit: Income Summary..$35,072 Credit: Retained Earnings..$35,072
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