The Entry to Close Income Summary (Net Loss) Was Entered

question 85

Multiple Choice

The entry to close Income Summary (net loss) was entered in reverse-Income Summary was debited and Capital was credited. This error will cause:

• A) Income Summary to have a credit balance.
• B) Income Summary to have a debit balance.
• C) the assets to be overstated.
• D) the liabilities to be understated.

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Definitions:

Rosalind Franklin

A key figure in understanding the molecular structures of DNA, RNA, viruses, coal, and graphite.

Structural Features

Characteristics or attributes of an object or system that contribute to its form, stability, or integrity.

Nucleotides

The basic building blocks of nucleic acids (DNA and RNA), consisting of a sugar, a phosphate group, and a nitrogenous base.

Traits

Observable characteristics of an organism, determined by genetics and environmental influences, including physical appearance and behavior.