The Income Summary Account Has a Credit Balance of $25,000

question 28

Multiple Choice

The Income Summary account has a credit balance of $25,000 after the revenue and expense accounts have been closed. Which of the following is to be credited to close the Income Summary account?

• A)Owner's Name, Withdrawals
• B)Sales Revenue
• C)Cost of Goods Sold
• D)Owner's Name, Capital

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Definitions:

Low-Level Officials

Officials in the government who hold positions of lesser authority, often responsible for overseeing daily administrative tasks.

Improper Activities

Actions or behaviors that are unethical, illegal, or do not comply with set standards or rules.

Adversarial Journalism

A style of journalism that involves investigative reporting aimed at uncovering the truth, often through confrontational methods with those in power.

Robert Mueller

A former FBI Director known for serving as the Special Counsel investigating Russian interference in the 2016 U.S. presidential election.