Chapter 8

Question 0

Before the income summary account is closed a credit balance represents the

Answer 0

Net income for the counting Period

Question 1

The source of data for pairing closing entries is from

Answer 1

The trial balance the worksheet and the general ledger

Question 2

What accounts are closed out at the end of the accounting cycle

Answer 2

Revenue merchandise inventory expenses then income summary credit to capital and then close out drawings with the debit capital