Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How...
Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How after closing revenues and expenses. The entry to close Income Summary is:
a. credit Income Summary $29,000, debit Owner’s Capital $29,000.
b. credit Income Summary $29,000, debit Owner’s Drawing $29,000.
c. debit Income Summary $29,000, credit Owner’s Capital $29,000.
d. debit Income Summary $29,000, credit Owner’s Drawing $29,000.
Homework Answers
Answer: C) Debit Income Summary $29,000, Credit Ower;s Capital $29,000
Income summary will be Closed by transferring the income Summary Balance to the retained Rearnings or the Capital Accounts.
The Entry to Close the Income Summary is :
| Income Summary | $29,000 | |
| Owner's Capital | $29,000 |
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Income Summary has a credit balance of $29,000 for the law firm
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*
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*
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*
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*
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