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Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is -debit income Summary $12,000, credit the Dividends account $12,000-credit Income Summary $12,000, debit the Retained Earning account $12,000-debit Income Summary $12,000, credit the Retained Earnings account $12,000-credit Income Summary $12,000, debit the Dividends account $12,000
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