If Income Summary Has a Credit Balance After Revenues and Expenses

question 88

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 Retained Earnings.
• B) debit to Dividends.
• C) credit to Retained Earnings.
• D) credit to Dividends.

Recognize the effects of shifts in the aggregate expenditure line on real GDP.

Understand the principles of bond pricing and the factors that influence bond prices.

Identify the types of bonds and their unique characteristics.

Comprehend the concept of yield to maturity and how to calculate it.

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