Revenues: Boat Rentals - $17,000 Expenses Depreciation Expense - Boats - $1,000 Wages Expense - $6,500 Insurane Expense - $2,000 Income Tax Expense - $500 **The entry to close the Boat Rentals accounts includes a:

debit to Retained Earnings for $17,000

debit to Income Summary for $17,000

debit to Boat Rentals for $17,000

credit to Boat Rentals for $17,000

**The entry to close the expense accounts includes a:

debit to Retained Earnings for $2,000

debit to Income Summary for $10,000

debit to Insurance Expense for $2,000

credit to Retained Earnings for $10,000

**The entry to close Income Summary includes a:

credit to Common Stock for $8,000

credit to Income Summary for $12,000

debit to Income Summary for $7,000

debit to Retained Earnings for $7,000