J Oakely Showed a Net Loss of $5,500

question 119

Multiple Choice

J. Oakely showed a net loss of $5,500. The entry to close the Income Summary account would include a:

• A) debit to Oakely, Capital, $5,500.
• B) debit to Income Summary, $5,500.
• C) credit to Oakely, Capital, $5,500.
• D) credit to Cash, $5,500.

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Definitions:

Managing A Corporation

The process of overseeing the operations and making strategic decisions for a corporation, typically involving tasks such as planning, organizing, directing, and controlling resources.

Board Of Directors

A group of elected individuals who oversee the activities and governance of a corporation or organization.

Corporate Officers

Individuals appointed to manage the day-to-day operations and major decisions of a corporation, such as CEOs, CFOs, and COOs.

Agents

Individuals or entities authorized to act on behalf of others in legal or business transactions, representing their interests.