Income Summary Has a Credit Balance of $19000 in B

question 160

Multiple Choice

Income Summary has a credit balance of $19000 in B. Browne Co. after closing revenues and expenses. The entry to close Income Summary is

• A) credit Income Summary $19000 debit Owner's Capital $19000.
• B) credit Income Summary $19000 debit Owner's Drawings $19000.
• C) debit Income Summary $19000 credit Owner's Drawings $19000.
• D) debit Income Summary $19000 credit Owner's Capital $19000.

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Definitions:

Recognized Class

A social or economic group that is acknowledged and identified by society or by certain legal or political systems for specific purposes.

Interracial Sexual Relations

Romantic or sexual relationships between individuals of different racial backgrounds.

Antebellum South

The region and culture of the Southern United States in the period before the Civil War, marked by agricultural economy and slavery.

Planters

Wealthy landowners in agricultural economies who owned and controlled large plantations and the labor, often enslaved, that worked them.