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The Income Summary Account Shows A,What Does This Indicate?
B

question 103

Essay

The Income Summary account shows:
 Incame Summary  Clos. 211,000 Clos. 13,5001\begin{array}{l}\text { Incame Summary }\\\begin{array} { l | l } \hline \text { Clos. } 2 & 11,000 \text { Clos. } \\13,500 & 1 \\\hline\end{array}\end{array} a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.


Definitions:

Transform The Data

The process of applying a mathematical modification to data in order to make it more suitable for analysis.

Not Normal

Refers to data that does not follow a normal distribution, which can impact the choice of statistical tests.

Normally Distributed

A distribution of probabilities that exhibits balance around the mean, with a higher occurrence rate for data close to the mean compared to data farther from the mean.

Mean

The arithmetic average of a set of numbers, found by dividing the sum of all values by the count of values.

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