Income Summary Has a Credit Balance of $17,000 in S

question 179

Multiple Choice

Income Summary has a credit balance of $17,000 in S. Sufjan Co. after closing revenues and expenses. The entry to close Income Summary is

• A) credit Income Summary $17,000, debit Retained Earnings $17,000.
• B) credit Income Summary $17,000, debit Dividends $17,000.
• C) debit Income Summary $17,000, credit Dividends $17,000.
• D) debit Income Summary $17,000, credit Retained Earnings $17,000.

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Definitions:

Substance Use Disorder

A condition in which the use of one or more substances leads to a clinically significant impairment or distress.

Legal Cases

Disputes brought before a court for resolution based on alleged violations of the law or legal rights.

Legislators

Elected officials who are responsible for creating, amending, and passing laws within a governmental system.

Psychophysiological Disorder

A physical illness or disorder that is caused or exacerbated by psychological factors such as stress, emotional state, or behavioral patterns.