Accounting

Credit Retained Earnings, credit Income Summary

debit Retained Earnings, credit Income Summary

credit Retained Earnings, debit Income Summary

debit Retained Earnings, debit Income Summary

True

False

As there is no balance

As the balance is not carried forward in the next

As its balance is carried forward in the next account year.

As there is balance in the account

To carried forward the amount

To close the account and make it zero

To create a balance in the account