Closing entry 3 - In partnerships a compound entry...

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Closing entry 3 : The income summary account's $61 credit balance equals the company's net  income for the month of April. To close income summary, debit the account for $61 and credit the  owner's capital account for the same amount. 
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Unformatted text preview: In partnerships, a compound entry transfers each partner's share of net income or loss to their own capital account. In corporations, income summary is closed to the retained earnings account....
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