The Entry to Close Net Income at the End of the Accounting

question 48

Multiple Choice

The entry to close net income at the end of the accounting period involves a

• A)debit to Retained Earnings and a credit to Income Summary.
• B)debit to Income Summary and a credit to Retained Earnings.
• C)debit to Accounts Receivable and a credit to Retained Earnings.
• D)debit to Retained Earnings and a credit to Accounts Receivable.
• E)debit to Income Summary and a credit to Accounts Receivable.

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Definitions:

Lipids

Organic compounds that are fatty acids or their derivatives, insoluble in water but soluble in organic solvents, playing roles in energy storage, cell membrane structure, and signaling.

Immunity

Resistance to infectious disease and harmful substances.

Antibodies

Proteins produced by the immune system that recognize and neutralize pathogens like bacteria and viruses.

Cholesterol

A type of fat found in blood that is essential for creating cell membranes and certain hormones.