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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Emerald, Inc., earned revenues of $69,000 and incurred expenses of $74,000.  No dividends were declared.  Which of the following statements is correct?
A) The entry to close Income Summary requires a debit to the Income Summary account.
B) Retained Earnings will be debited for $5,000 and Income Summary will be credited for $5,000.
C) The entries to close revenues and expenses will differ if there is a net loss.
D) The entry to close Income Summary is the same regardless of a net income or a net loss.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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7 years ago
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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#3
4 years ago
Good job.
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