Question
Income Summary has a credit balance of $29,000 for the law firmof DoWe CheatYou &How after closing revenues and expenses. Theentry to close Income Summary
Income Summary has a credit balance of $29,000 for the law firmof DoWe CheatYou &How after closing revenues and expenses. Theentry to close Income Summary is:
a. credit Income Summary $29,000, debit Owner’s Capital$29,000.
b. credit Income Summary $29,000, debit Owner’s Drawing$29,000.
c. debit Income Summary $29,000, credit Owner’s Capital$29,000.
d. debit Income Summary $29,000, credit Owner’s Drawing$29,000.
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Accounting Information System
Authors: James A. Hall
7th Edition
978-1439078570, 1439078572
