Multiple Choice
If a business has a net loss for a fiscal period,the journal entry to close the Income Summary account is
A) a debit to Income Summary and a credit to Fees Income.
B) a debit to Income Summary and a credit to Capital.
C) a debit to Capital and a credit to Income Summary.
D) a debit to Capital and a credit to Drawing.
Correct Answer:
Verified
Correct Answer:
Verified
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