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High Step Shoes had annual revenues of $199,000, expenses of $110,700, and dividends of $23,600 during the current year. The retained earnings account before closing
High Step Shoes had annual revenues of $199,000, expenses of $110,700, and dividends of $23,600 during the current year. The retained earnings account before closing had a balance of $311,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Retained earnings $311.000, credit Income Summary $311,000 Debit Retained earings $88,300, credit Income Summary $88,300 Debit Income Summary $88,200, credit Retained earnings $88.900 Debit Income Summary $64.700 credit Retained earnings $64.700 Debit Retained earnings $64700; credit Income Summary $64,700
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