Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000 15,000 105,000 237,000 237,000 155,000 132,000 82,000 50.000 50,000 155.000 155.000 132,000 132,000 12. The entry to close Income Summary would be a. debit Common Stock, $50,000; credit Income Summary, $50,000 b. debit Income Summary, $155,000; credit Common Stock, $155,000 c. debit Income Summary, $50,000; credit Retained Earnings, $50,000 d. debit Common Stock, $9,000; credit Income Summary, $9,000