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A compound entry has at least two debits and two credits.
False
False
True
True
True
True
False
True
The income summary account serves as a simple income statement in the ledger
False
False
True
True
True
True
False
True
The withdrawls account is closed with a credit to that account.
False
False
True
True
True
True
False
True
Expense accounts are closed with credits to each account.
False
False
True
True
True
True
False
True
The entry to transfer net income to capital is a credit to capital and a debit to income summary.
False
False
True
True
True
True
False
True
A credit balance in the income summary account after the revenue, expese and withdrawls accounts have been closed indicates a net income
False
False
True
True
True
True
False
True
Closing entries reduce capital account balance to zero
False
False
True
True
True
True
False
True
The income summary account has a normal credit balance.
False
False
True
True
True
True
False
True
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