The journal entry to close Income Summary when there is a net income is
A) debit Sales; credit Income Summary.
B) debit owner's capital; credit Income Summary.
C) debit Income Summary; credit Sales.
D) debit Income Summary; credit owner's capital.
Correct Answer:
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Q14: If an amount is recorded on the
Q15: On a work sheet, the balance of
Q16: Information needed to prepare an income statement's
Q17: When cash is paid for insurance,
A) Prepaid
Q18: The first digit in the account number
Q20: Asset accounts include Cash, Prepaid Insurance, and
A)
Q21: The formula for calculating the net income
Q22: Reporting changes in financial information for a
Q23: The normal balance side of any expense
Q24: Select the one term that best fits
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