If a Business Has a Net Loss,the Closing Entry to Close

question 66

True/False

If a business has a net loss,the closing entry to close Income Summary would be a debit to Income Summary and a credit to Owner,Capital.The business is a sole proprietorship.

---

Definitions:

Naturalistic Observation

An investigative approach where individuals are watched in their natural settings without any interference from the person observing.

Experiment

A method of investigation in the sciences or social sciences in which variables are manipulated to observe the effect on some behavior or condition.

Testable Prediction

A testable prediction is a specific statement about the expected outcome of a scientific experiment, based on a hypothesis or theory, that can be observed and measured.

Independent Variables

Variables in an experiment that are manipulated or changed to observe their effects on dependent variables.