Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Management System Auditors Handbook

Authors: Joe Kausek

1st Edition

087389670X, 978-0873896702

More Books

Students also viewed these Accounting questions