If a Business Has a Net Loss for a Fiscal

question 59

True/False

If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is a debit to Income Summary and a credit to Capital.

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Definitions:

Decibels

A unit of measurement used to express the intensity of sound, based on a logarithmic scale.

Loudness

A perceptual measure of the strength or intensity of a sound, often correlated with physical amplitude of the sound waves.

Olfactory Epithelium

This is a specialized epithelial tissue inside the nasal cavity that is involved in smell.

Receptor Cells

Specialized cells that convert external stimuli, such as light, sound, or chemicals, into electrical signals for the nervous system to process.