Rosewood earned revenues of $19,000 and incurred expenses of $4,500.The owner made withdrawals of $2,500.What is the balance in the Income Summary account after closing net income or loss to the Owner,Capital account?

Question

Quizplus · Accepted Answer

D)Net Income will be transferred to Retained Earnings account.
The balance in the Income Summary account after closing Net Income or Loss is $0.

Rosewood Earned Revenues of $19,000 and Incurred Expenses of $4,500