To Close Net Income to Owner's Capital Income Summary Is

question 204

True/False

To close net income to owner's capital Income Summary is debited and Owner's Capital is credited.

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Definitions:

Child Care

The care, education, and supervision of a child by a person other than the child's legal guardians, often provided during the workday.

40 Years Ago

Referring to a period four decades in the past from the current date, often used in the context of comparing historical and present conditions or events.

Gale

A very strong wind, typically used in a nautical context to describe speeds of approximately 34 to 47 knots.

Pregnancy

The state or condition of having a developing embryo or fetus within the female body, typically lasting about 40 weeks from the last menstrual period to childbirth.