Which of the Following Journal Entries Is Required to Close

question 22

Multiple Choice

Which of the following journal entries is required to close the Income Summary account of a profitable company?

• A) Debit Income Summary, credit Retained earnings.
• B) Credit Income Summary, debit Retained earnings.
• C) Debit Income Summary, credit Capital Stock.
• D) Credit Income Summary, debit Capital Stock.

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Definitions:

Negative Reinforcement

A behavioral concept in which the removal of an unfavorable outcome or stimulus increases the likelihood of a response occurring again in the future.

Positive Reinforcement

A strategy in behavior modification that involves the addition of a rewarding stimulus following a desired behavior.

Negative Punishment

A behavior modification technique where a desirable stimulus is removed after a behavior, with the aim of decreasing that behavior.

Avoidance Responding

A behavior modification technique aimed at reducing unwanted responses by avoiding the triggers.