Question

In: Accounting

1. The fourth step in the closing procedure is to close the Income Summary account into...

1. The fourth step in the closing procedure is to close the Income Summary account into the Capital account

False

True

2. The post-closing trial balance will include

a) Rent Expense.

b) Income from Services.

c) Depreciation Expense.

d) Accumulated Depreciation.

e) Drawing.

3. The entry to close Income Summary, assuming a net loss, would involve a

a) credit to Income Summary.

b) debit to net income.

c) credit to capital.

d) credit to cash.

Solutions

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ekkarill92 answered 1 year ago
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