If a business has a net loss,the closing entry to close Income Summary would be a debit to Income Summary and a credit to Owner,Capital.The business is a sole proprietorship.

Name: If a business has a net loss,the closing entry to close Income Summary would be a debit to Income Summary and a credit to Owner,Capital.The business is a sole proprietorship.
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If a business has a net loss, the closing entry to close Income Summary would be a debit to Owner, Capital and a credit to Income Summary.

If a Business Has a Net Loss,the Closing Entry to Close