If a business has a net income for the period, the journal entry to close the balance of the Income Summary account is a debit to Income Summary, a credit to owner's capital a debit to owner's capital, a credit to Fees. a debit to Fees, a credit to owner's capital O a debit to owner's capital, a credit to Income Summary
If a business has a net income for the period, the journal entry to close the balance of the Income Summary account is a debit to Income Summary, a credit to owner's capital a debit to owner's capital, a credit to Fees. a debit to Fees, a credit to owner's capital O a debit to owner's capital, a credit to Income Summary
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 4SEB: NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following...
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