When the Balance of the Income Summary Account Is a Credit

question 59

Multiple Choice

When the balance of the Income Summary account is a credit, the entry to close this account is

• A) debit Capital, credit Income Summary.
• B) debit Income Summary; credit Revenue.
• C) debit Income Summary; credit Capital.
• D) debit Revenue; credit Income Summary.

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Definitions:

Determinant

A scalar value that can be computed from the elements of a square matrix and provides information about the matrix, such as whether it is invertible.

Minors

Submatrices formed by deleting one or more rows or columns from a matrix, used in the calculation of determinants and inverses.

Augmented Matrix

A matrix created by adding the columns of two specified matrices together, usually representing a system of linear equations.

Back-substitution

A method used in algebra to solve systems of equations by solving one equation first and then substituting its value into other equations.