Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is O debit Income Summary $12,00, credit the owner's capital account $12,000. credit Income Summary $12,00, debit the owner's capital account $12,000. O credit Income Summary $12,000, debit the owner's drawings account $12,000. O debit Income Summary $12,000, credit the owner's drawings account $12,000.

Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is O debit Income Summary $12,00, credit the owner's capital account $12,000. credit Income Summary $12,00, debit the owner's capital account $12,000. O credit Income Summary $12,000, debit the owner's drawings account $12,000. O debit Income Summary $12,000, credit the owner's drawings account $12,000.

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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