Match each journal entry that follows as one of the types of journal entries (a-c) below.
-Income Summary 650
Retained Earnings 650
A)Journal entries
B)Adjusting journal entries
C)Closing journal entries

Question

Match each journal entry that follows as one of the types of journal entries (a-c) below.
-​Income Summary 650
Retained Earnings 650
A)Journal entries
B)Adjusting journal entries
C)Closing journal entries

Quizplus · Accepted Answer

This is a closing journal entry because it transfers the balance of the Income Summary account to the Retained Earnings account at the end of the accounting period.

Match Each Journal Entry That Follows as One of the Types