After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $25,000. the entry to close the income summary account will be:_________

Question

29-08-2022
Business

contestada

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $25,000. the entry to close the income summary account will be:_________

Respuesta :

Otras preguntas

A primary reason the mongols and the british were able to expand their empires through conquest was because of a)a knowledge and command of advanced technologi

What contribution did the Catholic Church make to society during the early Middle Ages? preserving learning abolishing serfdom encouraging trade helping oversea

Any ideas for a science fair project involving anything with anime, anime art, baking, desserts, something about cuteness, or anything else that might be good!

PLEASE HELP I GIVE THANKS1. __________ is the "set up" where the setting and characters are introduced. (Points : 5) Plot External conflict

Which is the most likely way that a governor would raise revenue for a new state education program? A. by getting approval from the state comptroller B. by aski

Which body of water is one of the sources of the Nile River? A. Congo Basin B. Red Sea C. Lake Victoria D. Mozambique Channel

What is the probability of rolling an even prime number with one toss of a die? Thanks!!!

Joshua's cousin pledged $12 for a charity walk. If Joshua walked 3 miles, how much did hid cousin pay per mile?

why are the flat surfaces on a rectangular prism called faces

How did Union forces eventually defeat Vicksburg?a) They dammed the Mississippi River.b) They prepared four frontal assaults.c) They laid siege to the city for

ACCESS MORE EDU ACCESS

abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-09-07T04:25:50+02:00

If after preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $25,000. the entry to close the income summary account will be: a debit of $25,000 to owner capital.

Income summary

The debit balance of the amount of $25,000 in the income summary indicate that the company expenses is higher than the revenues generated by the company by $25,000.

Based on this the loss incurred will be taken out of the company owner's equity account by reducing it through a debit entry.

Therefore the income summary account has a debit balance of $25,000. the entry to close the income summary account will be: a debit of $25,000 to owner capital.

Learn more about income summary here:https://brainly.com/question/24498019

https://brainly.com/question/26252171

#SPJ1