How Is Income Summary Closed If the Company Had a Net

question 98

Multiple Choice

How is Income Summary closed if the company had a net loss?

• A) Credit Income Summary; debit Capital
• B) Debit Income Summary; credit Capital
• C) Debit Capital; credit Revenue
• D) Debit Withdrawals; credit Capital

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Definitions:

Night Vision

The ability to see in low light conditions, often enhanced by specialized equipment or biological adaptations.

Outer Layer

The external surface or coating of an object or body.

White Eye

Typically referring to the appearance of the eye when light is reflected off the retina, potentially indicating certain eye conditions.

Vascular Membrane

A type of tissue rich in blood vessels, often found within or surrounding certain organs, providing them with nutrients and oxygenated blood.