Closing Entries

When will there be Net Loss the Income summary account be?

• credited

• debited

• eliminated

• left alone

How to close the drawing account?

• Dr. Drawings, Cr. Income Summary

• Dr. Income Summary, Cr. Drawings

• Cr. Capital, Dr. Drawings

• Cr. Drawings, Dr. Capital

Which of the following is a temporary account that has a normal credit balance?

• Advertising Expense

• Unearned Revenue

• Commission Income

• Salaries Expense

Which of the following is NOT a temporary account?

• Accrued Expense

• Advertising Expense

• Utilities Expense

• Rent Income

Which of the following has normal debit balance?

• Capital

• Tuition Fee

• Drawings

• Service Income