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part 2- when income summary is closed, income summary will be: a) credited for 12250 b)debited for 21720 c)credited for 9470 d)debited for 12250

A business has the following account balances on December 31, 2020, after posting all adjusting entries. All accounts have normal balances. Account Balance Accounts Payable 325 Accumulated depreciation, Equipment 4,400 Cash 1,170 Depreciation expense 950 Withdrawals 4,800 Insurance expense 400 Equipment 20,600 Revenue 21,720 Supplies 1,930 Owner's Capital 11,125 Prepaid Insurance 600 Salaries expense 8,120 Unearned Revenue 1,000 When closing entries are prepared, Withdrawals: When closing entries are prepared, Withdrawals: will not affect Owner's Capital will be credited for $4,800 will be debited for $4,800 will be presented on the balance sheet