Income Summary Has a Credit Balance of $12,000 in J

question 22

Multiple Choice

Income Summary has a credit balance of $12,000 in J. Wenger Co. after closing revenues and expenses. The entry to close Income Summary is

• A) credit Income Summary $12,000, debit Retained Earnings $12,000.
• B) credit Income Summary $12,000, debit Dividends $12,000.
• C) debit Income Summary $12,000, credit Dividends $12,000.
• D) debit Income Summary $12,000, credit Retained Earnings $12,000.

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Definitions:

Cyanosis

A bluish or purplish discoloration of the skin and mucous membranes due to insufficient oxygen in the blood.

Blood Pressure

The pressure exerted by circulating blood upon the walls of blood vessels, usually measured using a sphygmomanometer.

Intercostal Space

The anatomical area located between two ribs, which contains muscles and nerves and plays a key role in the mechanics of breathing.

Mitral Valve

A valve in the heart that allows blood to flow from the left atrium to the left ventricle.