Introduction to Accounting

Anonymous
timer Asked: Feb 17th, 2015
account_balance_wallet $5

Question description

The entry to close income summary (net Loss) was entered in reverse-income summary was debted and capital was credited.  This error will cause.

a. income summary to have a credit balance

b. income summary to have a debit balance

c. the assets to be overstated

d. the liabilities to be overstated


Tutor Answer

University of Virginia

flag Report DMCA
Review

Anonymous
Totally impressed with results!! :-)

Similar Questions
Hot Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors