If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is:

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12-07-2022
Business

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If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is:

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shivanijain4931 shivanijain4931 · Answer 1 · 2022-07-21T16:08:45+02:00

If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is a debit to capital and a credit to Income Summary.

With a debit card, your purchase will be deducted from your checking account in near real-time. If you use a credit card, the amount will be charged to the credit line. This means you will have to pay the invoice at a later date, which will take longer to pay.

For example, if two companies are trading with each other and Company A says they are buying something from Company B, Company A will have less cash (credit) and Company B will have cash (debit). ) Will increase. .. The same transaction is recorded from two different perspectives.

Learn more about credit and debit here:https://brainly.com/question/8432538

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