If Income Summary Has a Credit Balance After Revenues and Expenses

question 100

Multiple Choice

If Income Summary has a credit balance after revenues and expenses have been closed to it, the closing entry for Income Summary will include a

• A)debit to the retained earnings account.
• B)debit to the dividends account.
• C)credit to the retained earnings account.
• D)credit to the dividends account.

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Definitions:

Self-Fulfilling Prophecy

A belief or expectation that influences actions in a way that causes the belief or expectation to come true.

Status Groups

Communities or categories of people who share a similar social status, often marked by their prestige, lifestyle, and affiliations within a society.

Initiation Rite

A ceremonial event or series of actions performed to mark the transition or entrance of an individual into a new status or role in society.

Identity

The qualities, beliefs, personality, appearance, and expressions that make a person (self-identity) or group (collective identity) unique.