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Submitted 185 days ago...
How do you journalize net income?
We are working on the stock section of accounting two.
The homework assignment asks to journalize many transactions having to do with the sale and reaquistion of stocks and then the next to the last entry they want is for the fact that the corporation has a net income of $1,534,689.45.
I think I am supposed to debit income summary and credit retained earnings so the i have the retained earning account for issuance of stock dividends.
Is this correct?
Ken
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