Financial Accounting Quiz
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RECORDING TRANSACTIONS
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After posting adjusting entries, a company's accountant calculates that net income is $120,000. However, the accountant then discovers that a $15,000 rent expense for the year was mistakenly debited to Prepaid Rent. This error has not yet been corrected. What amount should be credited to Retained Earnings when closing the Income Summary account, assuming the correction is made before closing?
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