Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Peace Enterprise had a debit balance of RM7,000 in its Income Summary account after closing all revenue and expense accounts. The proper entry to record

image text in transcribed

Peace Enterprise had a debit balance of RM7,000 in its Income Summary account after closing all revenue and expense accounts. The proper entry to record the closing of the Income Summary account would be: Select one: a. Debit Capital RM7,000 and credit Income Summary RM7,000 O b. Debit Income Summary RM7,000 and credit Revenue RM7,000 c. Debit Revenue RM7,000 and credit Income Summary RM7,000 d. Debit Income Summary RM7,000 and credit Capital RM7,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Fundamental Principles Of Finance

Authors: Robert Irons

1st Edition

1138477524, 9781138477520

More Books

Students also viewed these Accounting questions