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

question 116

Multiple Choice

The Income summary account has a $25,000 credit balance after the revenue and expense accounts have been closed.To which account is this balance closed?

• A) Drawing
• B) Sales revenue
• C) Cost of goods sold
• D) Capital

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Definitions:

Counterculture

A social group whose values, beliefs, and lifestyle are in opposition to those of the main culture prevailing in a society.

Mini-culture

A smaller, distinct culture within a larger culture, characterized by unique traditions, values, or norms that differentiate it from the broader society.

Countercultural Rebels

Individuals or groups that reject the norms, values, and practices of the dominant society to promote alternative cultural norms and values.

Mainstream

Dominant trends or prevailing cultural norms and values that are widely accepted and practiced by the majority within a society.