The Income Summary account shows:
$$\begin{array}{l}
\text { Incame Summary }\
\begin{array} { l | l }
\hline \text { Clos. } 2 & 11,000 \text { Clos. } \
13,500 & 1 \
\hline
\end{array}
\end{array}$$ a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

Question

The Income Summary account shows:
 $$\begin{array}{l}
\text { Incame Summary }\
\begin{array} { l | l } 
\hline \text { Clos. } 2 & 11,000 \text { Clos. } \
13,500 & 1 \
\hline
\end{array}
\end{array}$$ a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

Quizplus · Accepted Answer

The Answer of The Income Summary account shows:
 $$\begin{array}{l}
\text { Incame Summary }\
\begin{array} { l | l } 
\hline \text { Clos. } 2 & 11,000 \text { Clos. } \
13,500 & 1 \
\hline
\end{array}
\end{array}$$ a,What does this indicate?
b.Prepare the entry to close Income Summary.Omit the explanation.The owner's name of the sole proprietorship is Marvin Johnson.

The Income Summary Account Shows A,What Does This Indicate? B

The Income Summary Account Shows A,What Does This Indicate?
B