10. When preparing the closing entries of your business, you debited the Income summary account and credited Owner's equity. This means that a. your business earned profit during the period. b. your business incurred loss during the period. c. you made drawings during the period. d. you are an accountant.

10. When preparing the closing entries of your business, you debited the Income summary account and credited Owner's equity. This means that a. your business earned profit during the period. b. your business incurred loss during the period. c. you made drawings during the period. d. you are an accountant.

Name: 10. When preparing the closing entries of your business, youdebited t
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Description: 10. When preparing the closing entries of your business, youdebited the Income summary account and credited Owner'sequity. This means thata. your business earned profit during the period.yourc. you made drawings during the period.b.business incurred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following accounts will be closed by debiting the Income Summary? a) Depreciation Expense b) Accounts Payable C) Service Revenue d) Prepaid Expense Boş bırak KÖnceki 9/20 Sonraki> Kap Aramak için buraya yazın
If closing entries are prepared and posted correctly, a post-closing trial balance will show: a credit balance in Income summary account if the company generated net income for the period. 2. a credit balance for the owner’s capital account. 3. a debit balance for the owner’s drawing account. 4. only balance sheet accounts
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