Multiple Choice
The entry to close the Income Summary account may include:
A) a debit to Income Summary and a credit to Cash.
B) a debit to Income Summary and a credit to the owner's drawing account.
C) a debit to Cash and a credit to Income Summary.
D) a debit to Income Summary and a credit to the owner's capital account.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: From the following list identify the accounts
Q3: After the closing entries are posted to
Q4: Which of the following accounts would be
Q5: During the closing process, Accumulated Depreciation, Equipment
Q6: All of the following accounts will appear
Q7: The entry to transfer net income to
Q8: Following are the steps in the accounting
Q9: Use the following account balances from the
Q10: A post-closing trial balance could include all
Q11: Which of the following statements is not