The Journal Entry to Close a Net Income to the Partners

question 84

Multiple Choice

The journal entry to close a net income to the partners is to:

• A)debit Income Summary;credit the capital accounts.
• B)credit Income Summary;debit the capital accounts.
• C)credit Net Loss;debit the capital accounts.
• D)debit Net Loss;credit the capital accounts.

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Definitions:

Productive Projects

Initiatives or ventures undertaken with the goal of creating goods or services that contribute to economic growth and development.

Counterproductive Projects

Counterproductive projects are initiatives that instead of contributing to the goals of an organization, end up hindering progress or causing harm.

Majority of Voters

Refers to the greater part or more than half of the total number of people who vote in an election or on a specific issue.

Efficient Programs

Initiatives or policies designed to achieve the intended outcomes with minimum waste of resources.