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.

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Definitions:

Logic

A system of reasoning or a framework for rational thought, used to analyze arguments and deduce conclusions based on premises.

Self-referent Question

A type of question that prompts individuals to evaluate themselves or reflect on their personal experiences or attitudes.

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The process through which individuals produce or evoke emotional responses to stimuli or thoughts.

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Mental images of oneself that direct the interpretation of information related to oneself.