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

question 4

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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