The First Two Closing Entries to the Income Summary Account

question 64

Multiple Choice

The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000.The third closing entry would be

• A) debit Capital $11,000;credit Income Summary $11,000.
• B) debit Income Summary $11,000;credit Capital $11,000.
• C) debit Revenue $64,000;credit Expenses $53,000.
• D) debit Income Summary $11,000;credit Drawing $11,000.

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Definitions:

Strenuous Exercise

Physical activity that requires a significant amount of effort and energy, often leading to a substantial increase in heart rate and sweating.

Tidal Volume

The amount of air that is inhaled or exhaled during normal breathing without extra effort.

Inspiratory Reserve Volume

The maximum volume of air that can be inhaled after a normal tidal inhalation.

Volume Measurement

The process of determining the three-dimensional space occupied by a liquid, solid, or gas, using various instruments or formulas.