Question

intext:"After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be"

Answer 1

The entry to close the income summary account will be :

Profit and Loss $33,000 (debit)

Income Summary Account $33,000 (credit)

Step-by-step explanation:

The income summary account is closed off to the Income Statement or Profit and loss Account.

It is credited with an entry to Profit and loss Account to close off the debit balance of $33,000 whilst the Profit and loss Account is debited (expensed) with this amount.