Solved

When the Balance of the Income Summary Account Is a Credit,the

Question 123

Multiple Choice

When the balance of the Income Summary account is a credit,the entry to close this account is:


A) debit Withdrawals;credit Income Summary.
B) debit Income Summary;credit Revenue.
C) debit Income Summary;credit Capital.
D) debit Revenue;credit Income Summary.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q20: Closing entries:<br>A) need not be journalized since

Q44: When closing the Income Summary account when

Q51: Closing entries will affect:<br>A) total assets.<br>B) Cash.<br>C)

Q72: The ending balances in the ledger after

Q118: Closing entries will:<br>A)increase the Owner's Capital.<br>B)decrease the

Q120: On Flex Company's worksheet,the revenue account had

Q122: For each of the following,identify in

Q124: After posting the closing entries,which of the

Q125: Mark's Tree Service depreciation for the

Q126: Revenues are closed to the Expense accounts.