To Which of the Following Accounts Should the Balance in the Income

question 71

Multiple Choice

To which of the following accounts should the balance in the Income Summary account be closed?

• A) Owner, Withdrawals
• B) Net Income
• C) Owner, Capital
• D) Service Revenue

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Definitions:

Unforeseen Family Issues

Unexpected personal circumstances involving family members that can impact one's ability to focus or continue with planned activities.

Extension

An additional period of time given to complete a task or an enhancement of existing features in products or systems.

Child Care Resources

Support services and materials available for parents and guardians to assist in the supervision and education of children.

Academic Life

The aspects of life concerned with education and learning, especially at a college or university level.