The Accountant of Randy's Flooring Has Closed All of the Temporary

question 37

Multiple Choice

The accountant of Randy's Flooring has closed all of the temporary income statement accounts.The accountant is now ready to close the Income Summary account.Using the Income Summary T-account below,determine the correct closing entry the accountant needs to make in order to close the account.

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Definitions:

Shared Goal

A common objective or purpose that is intended to be achieved by a group of individuals collectively.

Mortality Salience

The awareness by an individual that their death is inevitable, which can influence behavior and attitudes in significant ways.

Shared Threat

A situation in which a group or community faces a common danger or adversary, promoting unity or collaborative action.

Prejudice

A preconceived opinion that is not based on reason or actual experience, often directed toward people or groups based on their membership in a particular category.