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1 July, 02:50

Closed the credit balance of $188,000 (from net income) in the retained earnings income summary account.

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  1. 1 July, 03:31
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    Assuming that you wanted to know how to journal this, it would be:

    Dec. 31

    Debit Credit

    Income Summary $ 188,000

    Retained Earning $ 188,000
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