Which probably the last account to be listed on post-closing

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Reference no: EM133007099

Problem 1: Probably the last account to be listed on a post-closing trial balance would be

a. Salaries Payable.

b. Salaries Expense.

c.Owner's Capital.

d. Income Summary.

Problem 2: 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.

Reference no: EM133007099

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