Which of the Following Transactions Could Cause the Income Summary

question 42

Multiple Choice

Which of the following transactions could cause the Income Summary to be debited and Capital to be credited?

• A) The business earned a net loss for the period.
• B) The business earned a net income for the period.
• C) Closed the Owner's Capital account
• D) None of these are correct.

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Definitions:

REM Sleep

REM sleep is a stage of sleep characterized by rapid eye movements, increased brain activity, vivid dreaming, and temporary paralysis of the muscles.

Narcolepsy

A chronic sleep disorder characterized by overwhelming daytime drowsiness and sudden attacks of sleep.

Jet Lag

A physiological condition resulting from alterations to the body's circadian rhythms caused by rapid long-distance transmeridian travel.

Sleep Spindles

Sudden bursts of oscillatory brain activity visible on an EEG that occur during stage 2 sleep, associated with learning, memory consolidation, and neurological development.