To which of the following accounts should the balance in the Income Summary account be closed?
A)Owner's Name, Withdrawals
B)Net Income
C)Owner's Name, Capital
D)Service Revenue

Question

Quizplus · Accepted Answer

The balance in the Income Summary account is closed to the Owner's Name, Capital account to update the owner's equity with the net income or loss for the period.

To Which of the Following Accounts Should the Balance in the Income