Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sansom had revenues of $8,000 and expenses of $9,500.A summary entry to close the Revenue and Expense accounts to the Income Summary account would include:
Sansom had revenues of $8,000 and expenses of $9,500.A summary entry to close the Revenue and Expense accounts to the Income Summary account would include:
A.a debit to Income Summary of $8,000
B.a credit to Income Summary of $9,500
C.a debit to Expenses of $8,000
D.a credit to Revenues of $9,500
E.None of these.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started