Emerald Company Earned Revenues of $69,000 and Incurred Expenses of $77,000.No

Multiple Choice

Emerald Company earned revenues of $69,000 and incurred expenses of $77,000.No dividends were declared.Which of the following statements is correct?

A) The entry to close Income Summary is the same regardless of a net income or a net loss.
B) Owner,Capital will be debited for $8,000 and Income Summary will be credited for $8,000.
C) The entries to close revenues and expenses will differ if there is a net loss.
D) The entry to close Income Summary requires a debit to the Income Summary account.