How is Income Summary closed if the company had a net loss?
A) Credit Income Summary; debit Capital
B) Debit Income Summary; credit Capital
C) Debit Capital; credit Revenue
D) Debit Withdrawals; credit Capital
Correct Answer:
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Q70: The entry to close the Income Summary
Q71: Determine the ending Capital balance of a
Q72: The entry to close the Withdrawal account
Q73: Discuss the purpose of a classified balance
Q74: Determine the ending inventory of a business
Q76: The first step in the closing process
Q77: How is Income Summary closed if the
Q78: The entry to adjust salaries was done
Q79: Adjusting entries from the worksheet:
A) are journalized
Q80: The entry to close the Withdrawals account
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