Question
38) The entry to close the expense account(s) was entered in reverseIncome Summary was credited and the expense account(s) was/were debited. The result of this
38) The entry to close the expense account(s) was entered in reverseIncome Summary was
credited and the expense account(s) was/were debited. The result of this error is that
A) before closing it, Income Summary will have a credit balance.
B) before closing it, Income Summary will have a debit balance.
C) the assets will be overstated.
D) the liabilities will be overstated.
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Ethics in Accounting A Decision Making Approach
Authors: Gordon Klein
1st edition
1118928334, 978-1118928332
