Multiple Choice
When closing the Income Summary account when there is a net income:
A) Capital would increase.
B) Capital would decrease.
C) Capital would remain the same.
D) None of these is correct.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q16: Closing entries will update the Capital account
Q55: The entry to close the Depreciation Expense
Q56: For each of the following,identify in
Q58: _<br> <span class="ql-formula" data-value="\begin{array}{|l|l|}\hline\text {
Q59: To close the Fees Earned account:<br>A)debit Income
Q61: Which of the following is a temporary
Q62: Which of the following is a real
Q63: Which of the following accounts would NOT
Q64: _<br> <span class="ql-formula" data-value="\begin{array}{|l|l|l|}\hline\text {
Q65: For each of the following,identify in