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Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How after closing revenues and expenses. The entry to close
Income Summary has a credit balance of $29,000 for the law firm of DoWe CheatYou &How after closing revenues and expenses. The entry to close Income Summary is:
a. credit Income Summary $29,000, debit Owners Capital $29,000.
b. credit Income Summary $29,000, debit Owners Drawing $29,000.
c. debit Income Summary $29,000, credit Owners Capital $29,000.
d. debit Income Summary $29,000, credit Owners Drawing $29,000.
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