The owner's drawing account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. *

True

False

Closing entries are made to close the permanent accounts. *

True

False

Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. *

True

False

The owner's drawing account is a permanent account whose balance is carried forward to the next accounting period. *

True

False

To close net income to owner's capital, Income Summary is debited and Owner's Capital credited. *

True

False

In one closing entry, Owner's Drawing is credited and Income Summary is debited. *

True

False

The post-closing trial balance will contain only owner's equity statement accounts and balance sheet accounts. *

True

False