Question

question 8 (10 points)
during the closing process, which of the following would likely occur?
debit revenue and credit income summary
debit cash and credit income summary
debit earned income and credit income summary
debit assets and credit income summary

question 9 (10 points)
which of the following are permanent accounts that roll over to the next accounting period?
assets
revenue
expenses
dividends

question 10 (10 points)
the income summary account is closed to which of the following accounts?
retained earnings
withdrawals
expenses
dividends

Explanation:

Analyze Question 8

Using the Closing Entries and Income Summary Account knowledge points

• Revenue accounts have normal credit balances.
• To close revenue, we debit Revenue and credit Income Summary.
• Therefore, the first option is correct.

Analyze Question 9

Using the Account Classification knowledge point

• Permanent accounts are balance sheet accounts (Assets, Liabilities, Equity).
• Temporary accounts (Revenue, Expenses, Dividends) are closed to zero.
• Therefore, Assets is the correct option.

Analyze Question 10

Using the Closing Entries and Income Summary Account knowledge points

• After closing revenues and expenses, the Income Summary balance represents net income or loss.
• This balance is closed to Retained Earnings (or Owner's Capital).
• Therefore, Retained Earnings is the correct option.

Answer:

Question 8

• Debit Revenue and Credit Income Summary (Correct answer)
• Debit Cash and Credit Income Summary
• Debit Earned Income and Credit Income Summary
• Debit Assets and Credit Income Summary

Question 9

• Assets (Correct answer)
• Revenue
• Expenses
• Dividends

Question 10

• Retained Earnings (Correct answer)
• Withdrawals
• Expenses
• Dividends