Income Summary, Before Closing to Capital, Contains a Debit Balance

question 18

Multiple Choice

Income Summary, before closing to Capital, contains a debit balance of $86 and a credit balance of $100. What is the entry to close Income Summary to Capital?

• A) Debit Income Summary $100; credit Capital $100
• B) Debit Income Summary $86; credit Capital $86
• C) Debit Capital $14; credit Income Summary $14
• D) Debit Income Summary $14; credit Capital $14

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Definitions:

Uninsured Senior Citizens

Individuals over a defined age, often 65 and above, who do not have medical insurance coverage.

Net Worth

Net worth is the total assets minus total outside liabilities of an individual or a company, indicating financial health or position.

Medicaid

A government healthcare program in the United States that provides health coverage to eligible low-income adults, children, pregnant women, elderly adults, and people with disabilities.

Arithmetic Mean

The sum of a collection of numbers divided by the count of numbers in the collection, often used as a measure of central tendency.