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Mr.Cleand Mr.Cleand
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3 years ago
Emerald Company earned revenues of $69,000 and incurred expenses of $77,000.  No dividends were declared.  Which of the following statements is correct?
A) The entry to close Income Summary is the same regardless of a net income or a net loss.
B) Owner, Capital will be debited for $8,000 and Income Summary will be credited for $8,000.
C) The entries to close revenues and expenses will differ if there is a net loss.
D) The entry to close Income Summary requires a debit to the Income Summary account.
Textbook 

Horngren's Accounting


Edition: 11th
Authors:
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sumiksumik
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3 years ago
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