Which of the Following Journal Entries Is Required to Close

question 21

Multiple Choice

Which of the following journal entries is required to close the Income Summary account of a company with a net loss?

• A) Debit Income Summary, credit Capital Stock.
• B) Debit Income Summary, credit Retained earnings.
• C) Credit Income Summary, debit Retained earnings.
• D) Credit Income Summary, debit Dividends.

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Definitions:

Statistics Canada

The national statistical office of Canada, responsible for producing statistics to help understand Canada's population, resources, economy, society, and culture.

Alpha

Often referred to as alpha level or significance level, it represents the threshold of probability at which null hypotheses are rejected in statistical testing.

Free Throw Percentage

A statistic in basketball quantifying the percentage of free throws made by a player or team compared to the total number attempted.

Proficiency

The level of skill or competence in a particular activity or domain, often acquired through practice or study.