Transcribed Image Text: retained earnings account should be debited. O income summary account should be credited. O retained earnings account should be credited. O income summary account should be debited.

Transcribed Image Text: retained earnings account should be debited.
O income summary account should be credited.
O retained earnings account should be credited.
O income summary account should be debited.
Question 6
The balance in the income summary account before it is closed will be equal to
the net income or loss on the income statement.
the beginning balance in the retained earnings account.
the ending balance in the retained earnings account.
O zero.
Question 7
The income statement for the month of June, 2019 of Joseph Enterprises contains
information:
Revenues
$7,000

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