High Step Shoes had annual revenues of $195,000, expenses of account before closing had a balance of $307,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Retained Earnings $307,000; credit Income Summary $307,000

High Step Shoes had annual revenues of $195,000, expenses of account before closing had a balance of $307,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Retained Earnings $307,000; credit Income Summary $307,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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