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-   -   Income summary? (https://www.askmehelpdesk.com/showthread.php?t=638563)

  • Feb 23, 2012, 09:32 PM
    Petus
    Income summary?
    An expense is closed with a debit to the expense and the credit to the income summary account?
  • Feb 24, 2012, 06:10 PM
    paraclete
    I think you have the equation reversed.

    Income is a credit in the income summary account, expenses are a debit.

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