Unit 6 - Income Summary

Temporary Accounts

Revenue and expenses are

false

The Income Statement is an informal financial statement

false

The Trial Balance is a formal financial statement

Cash

The capital account gets closed out to

Credit

The entry to close out expenses is

Debit

The entry to close out revenue is

True

There is a loss when the Income Summary has a debit balance after Revenue and Expenses have been closed out

True

There is a profit when the Income Summary has a credit balance after Revenue and Expenses have been closed out