If Income Summary Has a Credit Balance After Revenues and Expenses

question 111

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 owner's capital account.
• B) debit to the owner's drawing account.
• C) credit to the owner's capital account.
• D) credit to the owner's drawing account.

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Definitions:

Double-blind Study

A research method in which neither the participants nor the researchers know who is receiving the experimental treatment, to prevent bias.

Independent Variable

In an experiment, the variable that is intentionally changed or manipulated to observe its effect on a dependent variable.

Statistically Significant

A term used to describe a result that is not likely to occur randomly, but rather is likely to be attributable to a specific cause.

Replicable

The ability of a study or experiment to be repeated with similar results, underscoring the reliability of the findings.