Question
If the following balances are exist in the adjusted trial balance: Service revenues $ 55,000 Rent Revenues $ 4,000 Interest expense $ 10,000 Salaries
If the following balances are exist in the adjusted trial balance: Service revenues $ 55,000 Rent Revenues $ 4,000 Interest expense $ 10,000 Salaries Expense $ 30,000 Depreciation Expense $ 7,000 Drawings $3,000 The closing entry for the Income summary would include: O a. Capital account should be Credited (Cr.) by $ 12,000. O b. Income summary account should be Credited (Cr.) by $ 12,000. Oc. Income summary account should be Debited (Dr.) by $ 9,000. Od. Capital account should be Debited (Dr.) by $9,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started