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The first two closing entries to the Income Summary account indicate a debit of $57,500 and a credit of $69.400. The third closing entry would
The first two closing entries to the Income Summary account indicate a debit of $57,500 and a credit of $69.400. The third closing entry would be: Multiple Choice deor Income Summary S1.900. cedir Captal S1.90 deblt Capltal $11,900, credit Income Summary $11.900. deblt Income Summary $11,900; credit Drawing $11,900. debit Revenue $69,400, credit Expenses $57,500. The Income Summary and Linda Carter, Capltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 65, 286 65, 28e 38,28e 35,886 38,286 Linda Carter, Capital Account No. 381 Balance Date Description DebitCredit Debit Credit 2819 Dec. 111,800 38,28e 111,880 141,280 131,180 31 Closing 31 Closing 18,180 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. Net income for the period is Owner's withdrawals for the period
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