Indicate the Account(s) to Be Debited and Credited to Record

question 125

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.
-Closed the income summary to the partners' accounts with a net income.
Debit ________ Credit ________ & ________

• A)Cash
• B)Accounts receivable
• C)Allowance for doubtful accounts
• D)Merchandise inventory
• E)Store supplies
• F)Store equipment
• G)Accumulated depreciation
• H)Notes payable
• I)Accounts payable
• J)John Partner's, Capital
• K)Joy Partner's, Capital
• L)John Partner's, withdrawals
• M)Joy Partner's, withdrawals
• N)Income summary
• O)Service revenue
• P)Gain on realization
• Q)Loss on realization

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