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The income summary account balance must be reduced to zero to prepare the account for the next fiscal period.
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
The last step in the accounting cycle is to
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
Temporary accounts must start each fiscal period with a zero balance.
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
Which accounting concept applies when a work sheet is prepared at tehend of each fiscal cycle?
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
Permanent accounts must start each fiscal period with a zero balance.
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
Income Summary is
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
When total expenses are greater than the total revenue
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
The journal entry to close the expense accounts is to
The income summary account has a debit balance.
a temporary account
True
debit Income Summary for the total expenses; credit each expense account.
Accounting Period Cycle
False
True
prepare a post-closing trial balance of the general ledger
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