What is the normal balance of the Income Summary account?

A debit balance in the income summary account after closing out revenues and expenses indicates a. a net income for the current period. b. a net loss for the current period. c. an increase in cash for the current period. d. an issue of stock during the...

Answer:

The answer would be e. none of the above. Once you close out revenue and expenses, the profit or loss...

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If a business has a net income for the period the journal entry to close the balance of the income summary account is what

Answer:

Journal entry to close the balance of a business' net income is Closing Entries & are entered in...

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Why doesn't the income summary account that a normal balance side

Answer:

I am not sure I understand question. Income summary is a list of transactions where balance is the final...

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Which of the following statements is not correct?: Before the Income Summary account is closed, its balance represents the net income or net loss for the accounting period?

Answer:

Net loss for the accounting period

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Which of the following accounts will not normally have a zero balance after the closing entries have been posted? A) income summary be) fees income C) the owners capital account D) rent expense.

Answer:

Here is a website that will explain the concept in detail. http://www.justanswer.com/multiple-problems...

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After posting the second closing entry to the income summary account the balance will be equal to?

Answer:

Zero

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