When the balance of the Income Summary account is a credit,the entry to close this account is:
A)debit Withdrawals;credit Income Summary.
B)debit Income Summary;credit Revenue.
C)debit Income Summary;credit Capital.
D)debit Revenue;credit Income Summary.

Question

Quizplus · Accepted Answer

When the Income Summary account has a credit balance, it indicates a net income. To close this account, you debit Income Summary and credit the Capital account to transfer the net income to the owner's equity.

When the Balance of the Income Summary Account Is a Credit,the