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Peace Enterprise had a debit balance of RM7,000 in its Income Summary account after closing all revenue and expense accounts. The proper entry to record
Peace Enterprise had a debit balance of RM7,000 in its Income Summary account after closing all revenue and expense accounts. The proper entry to record the closing of the Income Summary account would be: Select one: a. Debit Capital RM7,000 and credit Income Summary RM7,000 O b. Debit Income Summary RM7,000 and credit Revenue RM7,000 c. Debit Revenue RM7,000 and credit Income Summary RM7,000 d. Debit Income Summary RM7,000 and credit Capital RM7,000
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