menu
Sign up

If a Business Has a Net Loss for a Fiscal

Question 45
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.

Related questions
Q 46
Which of the following entries records the closing of Penny Pincher,Drawing at the end of the accounting period? A) Debit Penny Pincer,Drawing;credit Penny Pincher,Capital B) Debit Penny Pincher,Capital;credit Income Summary C) Debit Income Summary;credit Penny Pincher,Drawing D) Debit Penny Pincher,Capital;credit Penny Pincher,Drawing
Q 47
Which of the following accounts would not be involved in any of the closing entries? A) Accounts Payable B) Fred Sanford,Drawing C) Income from Services D) Advertising Expense
Q 48
The first step in the closing process is to close A) the drawing account. B) the capital account. C) the revenue accounts. D) the expense accounts.
logo
© 2020 QuizPlus. All Right Reserved