To close out the income summary ________.
A) debit income summary, credit retained earnings for the amount of net income
B) credit income summary and debit retained earnings for the amount of the net loss
C) Both A and B
D) Neither A nor B

Question

Quizplus · Accepted Answer

To close out the income summary, you debit income summary and credit retained earnings for net income, and credit income summary and debit retained earnings for a net loss.

To Close Out the Income Summary ________