The Income Summary account is an important account that is used
A) during interim periods.
B) in preparing adjusting entries.
C) annually in preparing closing entries.
D) annually in preparing correcting entries.
Correct Answer:
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Q60: If the total debit column exceeds the
Q61: The income statement for the year
Q62: Closing entries are journalized and posted
A) before
Q63: In order to close the owner's drawings
Q64: Closing entries
A) are prepared before the financial
Q66: The balance in the income summary account
Q67: The income statement for the month
Q68: If Income Summary has a credit balance
Q69: The income statement for the month
Q70: In preparing closing entries
A) each revenue account
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