The entry to close the income summary account may include

Asked by admin @ in Business viewed by 294 People

The entry to close the Income Summary account may include Multiple Choice a debit to Income Summary and a credit to the owner's capital account. a debit to Income Summary and a credit to the owner's drawing account. a debit to Income Summary and a credit to Cash. a debit to Cash and a credit to Income Summary.

Answered by admin @


Answer:

a debit to Income Summary and a credit to the owner's capital account.

Explanation:

The income summary is used to close the income statement. This is done by crediting income summary and debiting revenue, crediting expense and crediting income summary.

The balance in the income summary is the posted as part of the owners equity by debiting income summary and crediting a credit to the owner's capital account.


Similar Questions

The entry to close the expense accounts normally includes a

Asked by admin @ in Business viewed by 285 persons

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 5-9. (The solution from QS 5-9 is required …

Post the closing entries to income summary and retained earnings

Asked by admin @ in Business viewed by 279 persons

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $36,000. The entry to close the income summary account will …

After how many reports to close instagram account

Asked by admin @ in Social Sciences viewed by 256 persons

How many reports to block instagram account?

Abnormal items included in closing stock should be

Asked by admin @ in Accountancy viewed by 499 persons

Abnormal items included in closing stock should beopening stock can be ascertained by preparing

Secondary data may include which of the following

Asked by admin @ in Business Studies viewed by 328 persons

Secondary data may include which of the following:- (a)official documents (b)personal documents (c)archived research data (d)all of these

In order to close the dividends account the

Asked by maham237 @ in Business viewed by 241 persons

In order to close the dividends account, A) the retained earnings account should be debited. B) income summary account should be debited. C) income summary account should be credited. D) …

Accounting entries involve a minimum of how many accounts

Asked by admin @ in Accountancy viewed by 579 persons

Accounting entries involve a minimum of how many accounts?

Additional safeguards that may be included in a social and behavioral study may include:

Asked by wiki @ in Social Studies viewed by 312 persons

How to record income tax expense with a journal entry

Asked by admin @ in Business viewed by 349 persons

Culver Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $873,000 $866,000 $947,000 Excess depreciation expense on …

As per income tax act accounting period is

Asked by admin @ in Math viewed by 348 persons

As per income Tax Act, accounting period is * (a) From 1 st Jan to 31 st Dec(b) From 1 st Apri 1 to 31 st March(c) From …

What item is not included in cost accounting

Asked by admin @ in Accountancy viewed by 519 persons

What item is not included in cost accounting ​

What do you mean by income and expenditure account

Asked by admin @ in Accountancy viewed by 455 persons

What do you mean by income and expenditure account​

When would you include an executive summary in a report

Asked by maham237 @ in English viewed by 250 persons

A.when the report is 30 pages long B.when the report will be seen by people outside of the company C.when you have to present the report at a meeting D.when …

The first entry to liquidate a partnership would probably include

Asked by maham237 @ in Business viewed by 300 persons

How to close a diary entry

Asked by maham237 @ in English viewed by 331 persons

Write a diary entry: You have lost a close friend and you still have to tell the rest of your friends

Most viewed questions in Business

Foolproof module 9 test answers

Asked by maham237 @ in Business viewed by 3320 persons

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ in Business viewed by 2738 persons

Interest rates are expressed as a percentage of

Asked by maham237 @ in Business viewed by 2108 persons

How to enhance knowledge regarding environmental factors through capsim?

Asked by wiki @ in Business viewed by 1697 persons

Match the job titles with the career clusters.

Asked by maham237 @ in Business viewed by 1480 persons

A company that allows you to license software

Asked by maham237 @ in Business viewed by 1292 persons

Lupe is ready to open a checking account

Asked by maham237 @ in Business viewed by 1286 persons

Mays and mccovey are beer brewing companies

Asked by maham237 @ in Business viewed by 1217 persons

What must be marked on ready to eat bags phfs

Asked by maham237 @ in Business viewed by 1172 persons

Coq six sigma

Asked by maham237 @ in Business viewed by 1140 persons

Henry ford was the first entrepreneur to implement which strategy

Asked by maham237 @ in Business viewed by 1085 persons

Your company was recently served with a lawsuit

Asked by maham237 @ in Business viewed by 1074 persons

Case study starting a business project schedules and curves edgenuity

Asked by maham237 @ in Business viewed by 1064 persons

Which two of the four cs of credit have to do with earning potential and available cash?

Asked by wiki @ in Business viewed by 984 persons

The total annual expenditures on advertising in the united states

Asked by maham237 @ in Business viewed by 972 persons