High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 during the current year. The retained earnings account before closing had a balance of $310,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Debit Retained earnings $64,600; credit Income Summary $64,600
Debit Income Summary $64,600; credit Retained earnings $64,600
Debit Retained earnings $310,000; credit Income Summary $310,000
Debit Income Summary $87,800; credit Retained earnings $87,800
Debit Retained earnings $87,800; credit Income Summary $87,800
Transcribed Image Text:Multiple Choice Debit Retained earnings $64,600; credit Income Summary $64,600 Debit Income Summary $64,600; credit Retained earnings $64,600 Debit Retained earnings $310,000; credit Income Summary $310,000 Debit Income Summary $87,800; credit Retained earnings $87,800 Debit Retained earnings $87,800; credit Income Summary $87,800
High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 during the current year. The retained earnings
account before closing had a balance of $310,000. 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 $64.600; credit Income Summary $64,600
Debit Income Summary $64,600; credit Retained earnings $64,600
Debit Retained earnings $310,000; credit Income Summary $310,000
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Transcribed Image Text:High Step Shoes had annual revenues of $198,000, expenses of $110,200, and dividends of $23,200 during the current year. The retained earnings account before closing had a balance of $310,000. 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 $64.600; credit Income Summary $64,600 Debit Income Summary $64,600; credit Retained earnings $64,600 Debit Retained earnings $310,000; credit Income Summary $310,000 Ac raw lill < Prev 22 of 30 Next > Type here to search 859 PM 99% 2/21/2022
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