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Rider Company is in the process of preparing it's closing entries. It first closes it's revenues account by crediting the Income Summary account for $68,000,
Rider Company is in the process of preparing it's closing entries. It first closes it's revenues account by crediting the Income Summary account for $68,000, and then closes it's expense accounts by debiting the Income Summary account for $45,000. The entry to then close the Income Summary account is: a. credit Income Summary $23,000 and debit Owners Capital $23,000 b. credit income Summary $68,000 and debit income Summary $45,000 c. debit Income Summary $23,000 and credit Owners Capital $23,000 d. debit Rider, Drawings $23,000 and credit Income Summary $23,000 a. . b.. c
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