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Signify TRUE or FALSE as applicable for each of the following items as they pertain to the income summary account. [Choose ] Just prior to
Signify TRUE or FALSE as applicable for each of the following items as they pertain to the income summary account. [Choose ] Just prior to being closed, the income summary account will have a credit balance if a net income exists. [Choose ] Just prior to being closed, the income summary account will have a debit balance if a net loss exists. [Choose ] Just prior to being closed, the income summary account will have a debit balance if the amount of owner's withdrawals is greater than the amount of net income. [Choose ] 4 Just prior to being closed, the income summary account will have a credit balance if the amount of owner investments is greater than the amount of net loss. If a net income exists, the income summary account will be debited to CLOSE it. [Choose ] If a net loss exists, the income summary account will be credited to CLOSE it. [Choose ] 4
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