menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    College Accounting
  4. Exam
    Exam 6: Financial Statements and the Closing Process
  5. Question
    To Close the Income Summary Account with a Credit Balance,debit
Solved

To Close the Income Summary Account with a Credit Balance,debit

Question 45

Question 45

True/False

To close the income summary account with a credit balance,debit the account for its balance and credit the drawing account.

Correct Answer:

verifed

Verified

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

Related Questions

Q40: A balance sheet that classifies (or groups)items

Q41: To close an expense account with a

Q42: Match the terms with the definitions.<br>-A balance

Q43: From the following partial work sheet

Q44: Obligations that need not be paid for

Q46: (Appendix)A company receives cash from a bank

Q47: Match the terms with the definitions.<br>-A temporary

Q48: Which of the following steps of the

Q49: The owner's equity in a business amounted

Q50: The journal entry to close revenue accounts

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines