1. the entry to close Income Summary (net loss) was entered in reverse- income summary was debited and capital was credited. this error will cause

a) income summary to have a credit balance

b) income summary to have a debit balance

d) the assets to be overstated

e) the liabilities to be understated

2. After closing the revenue, expense, and withdraw accounts, the capital increased by $2,500. Which of the following situations could have occured

a) the company had a net loss

b) the owner invested an additional amount

c) the owner made a withdrawal

d) all if these are correct