How is Income Summary closed if the company had a net income? Debit Capital; credit Income Summary Debit Income Summary: credit Capital Debit Capital: credit Withdrawals Debit Withdrawals; credit Capital Adjusting entries from the worksheet: are journalized and posted to the ledger. are posted directly to the ledger are closed to the Income Summary account. affect only income statement accounts. The reversing entry for Salaries is: debit Salaries Expense: Credit Salaries Payable. debit Salaries Payable: credit Capital. debit Salaries Payable; credit Salaries Expense. debit Salaries Expense; credit Accounts Payable. The income statement is prepared from the: Post-Closing Trial Balance worksheet general journal unadjusted Trial Balance Reversing entries are recorded on the third day of the new accounting period. True False Which of the following is an operating expense? Interest Expense O Purchases Returns and Allowances Salaries Expense Prepaid Insurance Expense The entry to close the owner's Withdrawals account will include which of the following? A debit to Income Summary O A credit to Capital A credit to withdrawals A debit to withdrawals The information to prepare the Statement of Owner's Equity comes from the income statement columns on the worksheet. o adjustments columns on the worksheet. balance sheet columns on the worksheet. O general ledger