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The journal entry to close the income summary account (showing a net loss) includes a debiting the owner's capital account and crediting Income Summary.
The journal entry to close the income summary account (showing a net loss) includes a debiting the owner's capital account and crediting Income Summary. Ob. debiting Income Summary and crediting the drawing account. Oc. debiting Income Summary and crediting the owner's capital account. d. debiting the drawing account and crediting Income Summary.
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Accounting
Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
