When the Balance of the Income Summary Account Is a Debit

question 105

Multiple Choice

When the balance of the Income Summary account is a debit, the entry to close this account is:

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

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Definitions:

Paternity Test

A genetic test that determines whether a man is the biological father of a given child, typically involving the analysis of DNA.

Mitochondrial DNA

A small circular strand of DNA found inside the mitochondria, the energy-producing organelles of cells, which is inherited exclusively from the mother.

Relatives

People who are connected by blood or marriage and have a familial bond or relationship.

Nuremberg Race Laws

Racial laws implemented by Nazi Germany in 1935 to systematically discriminate against Jews, including the prohibition of marriage between Jews and non-Jewish Germans.