Prepaid insurance is shown on the balance sheet as a asset owner's equity liability accrued expense Based on the preceding trial balance, the entry to close income summary would be: debit C. Finley, Capital $50,000; credit Income Summary $50,000 debit Income Summary $155,000; credit C. Finley, Capital $155,000 debit Income Summary $50,000, credit C. Finley, Capital $50,000 debit C. Finley, Capital $9,000; credit Income Summary $9,000