When There Is a Net Loss,the Entry to Close the Income

question 158

Multiple Choice

When there is a net loss,the entry to close the Income Summary account is debit

• A) Retained Earnings and credit Income Summary.
• B) Income Summary and credit Retained Earnings.
• C) Net Loss and credit Income Summary.
• D) Income Summary and credit Net Loss.

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Definitions:

Interactions

Exchanges or direct involvements between two or more parties, entities, or substances.

Chronosystem

A component of the ecological systems theory that encompasses the timing of life events and environmental changes and their impact on development.

Historical Time

The specific period in history during which events occur, shaping the context and understanding of those events.

Social Construction

An idea that is built on shared perceptions, not on objective reality.