After Preparing and Posting the Closing Entries for Revenues and Expenses

question 3

Multiple Choice

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:

• A) Debit Income Summary $33,000; credit Owner Capital $33,000.
• B) Debit Owner Capital $33,000; credit Income Summary $33,000.
• C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000.
• D) Debit Owner Withdrawals $33,000; credit Income Summary $33,000.
• E) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000.

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Definitions:

Memorization Tests

These are assessments designed to evaluate the ability of an individual to recall or recognize specific information that has been previously learned.

Non-Western Cultures

Societies or communities not based on Western traditions and perspectives, often highlighting diverse social norms, values, and practices.

Western Cultures

Cultures primarily located in the Western hemisphere, characterized by values such as individualism, democracy, and a market economy.

Reciting

Reciting involves verbally repeating something from memory, often to practice or demonstrate knowledge.