Problem 9 During the closing process, you have a Debit of $640,000 and a credit of $900,000 in Income Summary. What would the next entry be? Choose the correct answer and place the letter corresponding to it on the answer sheet for Prob. 9. a) Income Summary Debit 260,000 Credit Retained earnings 260,000 b) Retained Earnings 160,000 Dividends 160,000 c) Retained Earnings 260,000 Income Summary 260,000 d) Retained earnings Dividends 25,000 25,000