Mitigation of damages is a nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract

The Income Summary account has a credit balance of $20,000 after the revenue and expense accounts have been closed. Which of the following is to be credited to close the Income Summary account?

A) Dividends B) Sales Revenue C) Cost of Goods Sold D) Retained Earnings

Organize your job-search portfolio by punching holes in your original documents and keeping them together in a three-ring binder

Indicate whether the statement is true or false