after all closing entries are posted, the balance of the income summary account will be a a debit if a net…

after all closing entries are posted, the balance of the income summary account will be a a debit if a net income has occurred. b a debit if a net loss has occurred. c a credit if a net loss has occurred. d zero.

after all closing entries are posted, the balance of the income summary account will be a a debit if a net income has occurred. b a debit if a net loss has occurred. c a credit if a net loss has occurred. d zero.

Answer

Brief Explanations:

The income - summary account is used to close revenue and expense accounts at the end of an accounting period. After all closing entries are posted, its balance is transferred to the retained earnings (or owner's equity) account. So, its balance becomes zero. A net income leads to a credit balance in income - summary before it's closed, and a net loss leads to a debit balance before it's closed, but after closing, it's zero.

Answer:

D. zero