J Oakely Showed a Net Loss of $5,500

question 119

Multiple Choice

J. Oakely showed a net loss of $5,500. The entry to close the Income Summary account would include a:

• A) debit to Oakely, Capital, $5,500.
• B) debit to Income Summary, $5,500.
• C) credit to Oakely, Capital, $5,500.
• D) credit to Cash, $5,500.