takeylalove3944 takeylalove3944
  • 13-08-2020
  • Business
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Suppose Income Summary received a debit of $75,000 and a credit of $100,000. The net income or net loss for the period must have been:

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topeadeniran2 topeadeniran2
  • 13-08-2020

Answer: Net income of $25000

Explanation:

Suppose Income Summary received a debit of $75,000 and a credit of $100,000, there will be a net income of $25000.

This is because we've a credit of $100,000 and a debit of $75,000 and since the credit is higher than the debit, it shows that there will be a net income.

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