Emerald Company earned revenues of $69,000 and incurred expenses of $77,000.No dividends were declared.Which of the following statements is correct?
A)The entry to close Income Summary is the same regardless of a net income or a net loss.
B)Owner,Capital will be debited for $8,000 and Income Summary will be credited for $8,000.
C)The entries to close revenues and expenses will differ if there is a net loss.
D)The entry to close Income Summary requires a debit to the Income Summary account.

Question

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The Answer of Emerald Company earned revenues of $69,000 and incurred expenses of $77,000.No dividends were declared.Which of the following statements is correct?
A)The entry to close Income Summary is the same regardless of a net income or a net loss.
B)Owner,Capital will be debited for $8,000 and Income Summary will be credited for $8,000.
C)The entries to close revenues and expenses will differ if there is a net loss.
D)The entry to close Income Summary requires a debit to the Income Summary account.

Emerald Company Earned Revenues of $69,000 and Incurred Expenses of $77,000.No