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High Step Shoes had annual revenues of $197,000, expenses of $109,700, and dividends of $22,800 during the current year. The retained earnings account before closing had a balance of $309,000. 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

High Step Shoes had annual revenues of $197,000, expenses of $109,700, and dividends of $22,800 during the current year. The retained earnings account before closing had a balance of $309,000. 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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please explain each option thnku

High Step Shoes had annual revenues of $197,000, expenses of $109,700, and dividends of $22,800 during the current year. The retained earnings account before closing had a balance of $309,000. 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 Income Summary $64,500; credit Retained Earnings $64,500 Debit Retained Earnings $309,000; credit Income Summary $309,000 Debit Income Summary $87,300; credit Retained Earnings $87,300 Debit Retained Farninas $64.500: credit Income Summarv
Transcribed Image Text:High Step Shoes had annual revenues of $197,000, expenses of $109,700, and dividends of $22,800 during the current year. The retained earnings account before closing had a balance of $309,000. 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 Income Summary $64,500; credit Retained Earnings $64,500 Debit Retained Earnings $309,000; credit Income Summary $309,000 Debit Income Summary $87,300; credit Retained Earnings $87,300 Debit Retained Farninas $64.500: credit Income Summarv
Debit Income Summary $64,500; credit Retained Earnings $64,500 Debit Retained Earnings $309,000; credit Income Summary $309,000 Debit Income Summary $87,300; credit Retained Earnings $87,300 is Debit Retained Earnings $64,500; credit Income Summary $64,500 Debit Retained Earnings $87,300; credit Income Summary $87,300
Transcribed Image Text:Debit Income Summary $64,500; credit Retained Earnings $64,500 Debit Retained Earnings $309,000; credit Income Summary $309,000 Debit Income Summary $87,300; credit Retained Earnings $87,300 is Debit Retained Earnings $64,500; credit Income Summary $64,500 Debit Retained Earnings $87,300; credit Income Summary $87,300
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