Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

13th edition

978-1-119-4110, 1119411483, 9781119411017, 978-1119411482

More Books

Students also viewed these Accounting questions

Question

4 4 6 .

Answered: 1 week ago

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago