After Preparing and Posting the Closing Entries for Revenues and Expenses

question 3

Multiple Choice

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:

• A) Debit Income Summary $33,000; credit Owner Capital $33,000.
• B) Debit Owner Capital $33,000; credit Income Summary $33,000.
• C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000.
• D) Debit Owner Withdrawals $33,000; credit Income Summary $33,000.
• E) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000.

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Definitions:

Arboreal

Pertaining to trees; living in or related to trees.

Pygmy Chimps

Commonly known as bonobos, a species of great ape native to the Congo Basin, distinguished by their comparatively small size, matriarchal social structures, and complex social behaviors.

Opposable

Having the ability to bring the thumb or big toe in contact with the tips of the other digits on the same hand or foot to grasp objects.

Jane Goodall

Jane Goodall is a renowned British primatologist and anthropologist, best known for her extensive study of wild chimpanzees in Gombe Stream National Park, Tanzania, contributing significantly to our understanding of primate behavior.