Reference no: EM132809719

Problem 1: When there is a loss, the entry to close the Income Summary account is

a. debit Loss and credit Income Summary.

b. debit Owner's Capital and credit Income Summary.

C. debit Income Summary and credit Loss.

d. debit Income Summary and credit Owner's Capital.

Problem 2: On the completed work sheet, which set of columns usually should be out of balance after the initial footing?

a. Balance Sheet columns only

b. Adjusted Trial Balance columns only

c. Income Statement columns only

d Both Income Statement and Balance Sheet columns

Problem 3: The post-closing trial balance contains

a. real accounts only.

b. nominal accounts only.

C.both real accounts and nominal accouns

d. neither real accounts nor nominal accounts.