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If the net income is 4,000 Credit, what is the closing entry to close the income summary account? The owner s name is Reyes. A.
If the net income is 4,000 Credit, what is the closing entry to close the income summary account? The owner s name is Reyes.
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| A. Dr. Reyes, Withdrawals 4,000 Cr. Cash 4,000 |
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| B. Dr. Income Summary 4,000 Cr. Reyes, Capital 4,000 |
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| C. Dr. Reyes, Capital 4,000 Cr. Reyes, Withdrawals 4,000 |
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| D. Dr. Reyes, Capital 4,000 Cr. Income Summary 4,000 |
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| E. None of the above |
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