If Income Summary Has a Credit Balance After Revenues and Expenses

question 189

Multiple Choice

If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a

• A) debit to the retained earnings account.
• B) debit to the dividends account.
• C) credit to the retained earnings account.
• D) credit to the dividends account.

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Definitions:

Psychosurgeries

Surgical operations on the brain to treat psychological disorders or to rectify behavioral disorders.

Drug Treatments

The use of pharmaceutical medications to treat or manage diseases and conditions.

Prefrontal Lobotomy

A surgical procedure, once used to treat mental disorders, that involved severing connections in the brain's prefrontal lobe.

Nobel Prize

A prestigious international award given annually in several categories including Physics, Chemistry, Medicine, Literature, Peace, and Economic Sciences, recognized for outstanding contributions in these fields.