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Social Science Clinic => Accounting => Topic started by: segrsyd on Nov 10, 2019

Title: When the balance of the Income Summary account is a credit, the entry to close this account is
Post by: segrsyd on Nov 10, 2019

When the balance of the Income Summary account is a credit, the entry to close this account is
◦ debit Revenue; credit Income Summary.
◦ debit Income Summary; credit Capital.
◦ debit Income Summary; credit Revenue.
◦ debit Capital, credit Income Summary.

Title: When the balance of the Income Summary account is a credit, the entry to close this account is
Post by: C.mcnichol98 on Nov 10, 2019

debit Income Summary; credit Capital.