When the Balance in the Income Summary Account Is a Debit

question 88

Multiple Choice

When the balance in the Income Summary account is a debit, the company has:

• A) incurred a net loss.
• B) incurred a net income.
• C) had more revenue than expenses.
• D) made an error in their closing entries.

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Definitions:

Molecular Biologist

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The medial compartment of the thoracic cavity, situated between the lungs, containing the heart, thymus, esophagus, trachea, and major blood vessels.

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A muscular tube that conveys food and liquids from the mouth to the stomach.