If a business had a net loss for the year, what would be the closing entry to close income summary and transfer the net loss to the capital account?

Q: Equity

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Q: One reason that the division of income (loss) is reported at the bottom of the income statement is…

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Q: Why must companies record accrued interest revenue at the end of the accounting period?

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Q: If revenue exceeds expenses for the accounting period being measured, then we say the company…

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Q: Which of these accounts is included in the post-closing trial balance? Group of answer choices:…

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Q: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts…

A: Solution: Accounts receivables, Unearned service revenue and sales tax payable are permanent account…

Q: How do I record entry to close revenue and expense accounts to retained earnings, and combine the…

A: Closing entries are those entries which are passed at the end of the period to close all revenue…

Q: Which financial statement is a summary of the revenue and expenses for a specific period of time,…

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Q: do the income statement and the closing entries

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Q: The ending retained earnings account is:   Assets minus liabilities plus owner’s equity   Revenue…

A: Answer -  Retained Earnings (RE) are the accumulated portion of a business’s profits that are not…

Q: The purpose of adjusting entries is to:a. Adjust the Retained Earnings account for the…

A: Adjusting entries are those entries which are passed at the end of accounting period for the…

Q: What is the amount of retained earnings after the closing entries have been posted?

A: Retained earning means earning left with company for equity shareholder after all the payments…

Q: Which financial statement would indicate whether a business made a net income (net profit) or…

A: Solution: Income statement is the financial statement which reports revenue earned, expenses…

Q: the closing entry at the end of the period, we will ____ Depreciation Expense. A.Debit  B. Credit

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Q: Assets = Liabilities + (Owner, Capital - Owner, Withdrawal + Revenues - Expenses) 2.    What is a…

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Q: The special account used only in the closing process to temporarily hold the amounts of revenues and…

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Q: When closing the Service Revenue account for the period, what account is credited? A. Cash B. Income…

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Q: Use the following T accounts to answer the questions. Income Summary A. C. Marker. Withdrawals A. C.…

A: Ans to Q 23                      The revenue for the period is 11189 as in income summary 11189 is…

Q: state what financial statement or statments the following accounts are found on 1) Income Statement…

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Q: Which one of the following would not decrease if a business decided to increase its depreciation…

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Q: 58. Profit & Loss account is prepared for a period of one year by following A.Periodicity concept…

A: The income statement is one of the important financial statements of the business. The income…

Q: If a business has a net income for the period, the journal entry to close the balance of the Income…

A: Solution:- Journal entry to close the balance of the income summary account as follows under:-

Q: If the corporation has a net loss for the period , the closing entry will include a debit to income…

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Q: Which financial statement reports the balances in the permanent accounts (assets, liabilities;…

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Q: When a business suffers a net loss, the journal entry to close the income summary account would be…

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Q: tement of changes in owners equity summarizes the effects on the capital account of the various…

A: Solution: The statement of changes in owners equity represents the changes in balance of equity from…

Q: 6. Which of the following is a record of all the account balances at the year end, and is used to…

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Q: If it is discovered that an extraordinary repair in the previous year was incorrectly debited to…

A:

Q: Identify the suitable accounting concept which would best apply to thefollowing scenarios: (i) An…

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Q: If income is earned during a financial year but not yet received, which of the following will be…

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