The Entry to Close the Income Summary Account May Include

question 63

Multiple Choice

The entry to close the Income Summary account may include

• A) a debit to Income Summary and a credit to the owner's capital account.
• B) a debit to Income Summary and a credit to Cash.
• C) a debit to Cash and a credit to Income Summary.
• D) a debit to Income Summary and a credit to the owner's drawing account.

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Definitions:

Attitudes

The settled ways of thinking or feeling about someone or something, typically reflected in a person's behavior.

Behavior

The actions or reactions of an individual or group in response to external or internal stimuli.

Intentions

The plans or goals that individuals form to guide their actions, often predicting behavior in various contexts.

Attitudes

Predispositions or tendencies to respond positively or negatively towards a certain idea, object, person, or situation.