How is Income Summary closed if the company had a net income?
A) Debit Capital; credit Income Summary
B) Debit Income Summary; credit Capital
C) Debit Capital; credit Withdrawals
D) Debit Withdrawals; credit Capital
Correct Answer:
Verified
Q72: The entry to close the Withdrawal account
Q73: Discuss the purpose of a classified balance
Q74: Determine the ending inventory of a business
Q75: How is Income Summary closed if the
Q76: The first step in the closing process
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
Q81: The entry to close the owner's Withdrawals
Q82: When closing income statement accounts having debit
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents