Multiple Choice
Which of the following journal entries is required to close the Income Summary account of a profitable company?
A) Debit Income Summary, credit Retained earnings.
B) Credit Income Summary, debit Retained earnings.
C) Debit Income Summary, credit Capital Stock.
D) Credit Income Summary, debit Capital Stock.
Correct Answer:
Verified
Correct Answer:
Verified
Q17: Refer to the information above. The total
Q18: Which statement is true regarding the Income
Q20: The income summary account has debits of
Q23: Given the following information for the Maple
Q24: Refer to the information above. Income Summary
Q26: Under the Sarbanes-Oxley Act, CFOs and high-ranking
Q27: Completion of worksheet--missing data<br>Certain data are given
Q49: The balance in Income Summary:<br>A)Should equal retained
Q64: Of the following,which is not an alternative
Q121: Closing entries do not affect the cash