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3 years ago

10

Review and complete the following statement regarding the Income Summary account. The Income Summary account is (debited/credite

d) for the sum of all revenue accounts and is (debited/credited) for the sum of all expense accounts and its balance will be transferred to the (Retained Earnings/Cash) account.

1 answer:

Artist 52 [7]3 years ago

8 0

Answer:

Credited , Debited, and Retained Earnings

Explanation:

The closing entries are presented below:

1. Revenue A/c Dr XXXXX

To Income summary A/c XXXXX

(Being the revenue account is closed)

2. Income summary A/c Dr XXXXX

To Expenses A/c XXXXX

(Being the expenses are closed)

3. Income summary A/c Dr XXXXX

To Retained earnings A/c XXXXX

(Being the difference i.e net profit is recorded)

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Selected Balance Sheet Data

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</span>

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Answer:

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