If Expenses Are Greater Than Revenue, the Income Summary Account

question 88

Multiple Choice

If expenses are greater than revenue, the Income Summary account will be closed by a debit to

• A) Cash and a credit to Income Summary.
• B) Income Summary and a credit to Cash.
• C) Capital and a credit to Income Summary.
• D) Income Summary and a credit to Capital.
• E) Income Summary and a credit to Drawing.

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