If expenses are greater than revenue, the Income Summary account will be closed by a debit to
A) Cash and a credit to Income Summary.
B) Income Summary and a credit to Cash.
C) Capital and a credit to Income Summary.
D) Income Summary and a credit to Capital.
E) Income Summary and a credit to Drawing.

Question

Quizplus · Accepted Answer

The Answer of If expenses are greater than revenue, the Income Summary account will be closed by a debit to
A) Cash and a credit to Income Summary.
B) Income Summary and a credit to Cash.
C) Capital and a credit to Income Summary.
D) Income Summary and a credit to Capital.
E) Income Summary and a credit to Drawing.

If Expenses Are Greater Than Revenue, the Income Summary Account