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Author Question: The journal entry to close the income summary account (showing a profit) includes a. debiting the ... (Read 81 times)

melina_rosy

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on: Jul 5, 2018
The journal entry to close the income summary account (showing a profit) includes
 a. debiting the drawing account and crediting Income Summary.
   b. debiting Income Summary and crediting the drawing account.
   c. debiting the owner's capital account and crediting Income Summary.
   d. debiting Income Summary and crediting the owner's capital account.

Question 2

A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory.
 a. True
  b. False
 
   Indicate whether the statement is true or false


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mcni194

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

False


melina_rosy

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

LegendaryAnswers

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Reply 3 on: Yesterday
Excellent

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