Review and complete the following statement regarding the Income Summary account. The Income Summary account is (debited/credited) for the sum of all revenue accounts and is (debited/credited) for the sum of all expense accounts and its balance will be transferred to the (Retained Earnings/Cash) account.

Credited , Debited, and Retained Earnings

Explanation:

The closing entries are presented below:

1. Revenue A/c Dr

              To Income summary A/c

(Being the revenue account is closed)

2. Income summary A/c Dr

            To Expenses A/c

(Being the expenses are closed)

3. Income summary A/c Dr

          To Retained earnings A/c

(Being the difference i.e net profit  is recorded)

c.

explanation:

regressive tax taxes the poor and less of the wealthy. this the rich get richer and the poor get more poor. this would create a large wealth gap.

answer///the madrid protocol;