Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

after closing all revenue and expenses accounts, weiss company had a debit balance in its income SUmmary account of $5,000. The proper entry to record

after closing all revenue and expenses accounts, weiss company had a debit balance in its income SUmmary account of $5,000. The proper entry to record the closing of the Income Summary account would include:

A. A debit to expenses of 5,000

B. a credit to retained earnings of 5,000

C. A credit to income summary of 5,000

D. A debit to revenues of 5,000

E. None of these

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

Students also viewed these Accounting questions