Multiple Choice
M. Smuts showed a net income of $5,250. The entry to close the Income Summary account would include a
A) debit to M. Smuts Capital, $5,250.
B) credit to M. Smuts Capital, $5,250.
C) debit to Income Summary, $5,250.
D) Both B and C are correct.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q18: From the following accounts, prepare in
Q19: Determine the beginning owner's equity of a
Q24: An account in which the balance is
Q25: A summary of selected ledger accounts
Q32: Which of the following accounts should NOT
Q43: Closing entries are prepared:<br>A) to clear all
Q47: The Withdrawals account is closed to Income
Q79: Real accounts are those accounts with balances
Q88: When the balance in the Income Summary
Q125: What are the major goals of the