Solved: Income summary before closing to capital contains a debit, Accounting Basics

+44 141 628 6080
[email protected]

Income summary before closing to capital contains a debit

Question - Income Summary, before closing to Capital, contains a debit balance of $110 and a credit balance of $200. What is the entry to close Income Summary to Capital?

A. Debit Income Summary $90; credit Capital $90

B. Debit Capital $90; credit Income Summary $90

C. Debit Income Summary $100; credit Capital $200

D. Debit Income Summary $86; credit Capital $110

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Income summary before closing to capital contains a debit

Reference No:- TGS02910795

Now Priced at $20 (50% Discount)

Recommended (93%)

Rated (4.5/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

Officer retires and wants to continue healthcare coverage

A military officer retires from serving and wants to continue healthcare coverage using a product provided by the military as it is most cost effective.

What condition for elevating the anterior vaginal wall

What condition is the examiner looking for by elevating the anterior vaginal wall and inspecting the posterior vagina while asking the patient to bear down

Define what person-centered care means to you

Define what person-centered care means to you. Describe how you will apply the following principles in your future role as an advanced practice nurse.

What strengths do you observe in the facilitators skills

What strengths do you observe in the facilitator's skills? What group dynamics do you observe, and how does the facilitator manage group dynamics?

Consider a complex health problem or issue routinely

Consider a complex health problem or issue routinely encountered in your practice. Apply social-ecological perspective to consider how to better address

Describe two educational barriers patients face

Describe two educational barriers patients face and the impact of these barriers on health. Discuss two strategies to employ when educating patients in your fut

How individuals covered by a high deductible health plan

Individuals covered by a high deductible health plan within a preferred provider organization use fewer outpatient services and shop around for lower cost

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Income summary before closing to capital contains a debit

Reference No:- TGS02910795

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Using the pv function in excel compute the price desmond

Q : Define social psychology great place to use an in-text

Q : Beginning inventory was 3000 purchases totaled 20000 and

Q : As this course ends reflect on the various theories and

Q : Income summary before closing to capital contains a debit

Q : Describe the ethical issues related to cultural competence

Q : When people consider whether to exercise they weigh the

Q : Using the pv function in excel compute the price quimby

Q : Hc1010 accounting for business - perform a financial