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:

Avoidant Attachment

A type of insecure attachment where individuals tend to keep distance from others and avoid emotional connection.

Ambiguous/resistant Attachment

A pattern of attachment characterized by anxiety and uncertainty in relationships, leading to clinginess and difficulty in trusting others.

Concrete Operational Stage

A phase in Piaget's theory of cognitive development where children from roughly 7 to 12 years old become capable of logical thought processes but are not yet able to think abstractly.

Egocentric

Having an inability to understand or assume any perspective other than one's own.