After Preparing and Posting the Closing Entries to Close Revenues

question 16

Multiple Choice

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

• A) a debit of $33,000 to owner withdrawals.
• B) a credit of $33,000 to owner withdrawals.
• C) a debit of $33,000 to income summary.
• D) a debit of $33,000 to owner capital.
• E) a credit of $33,000 to owner capital.

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Definitions:

Trademarks

Symbols, names, or phrases legally registered or established by use as representing a company or product.

Auto Parts

Components and systems used in the manufacture and repair of automobiles, both OEM (original equipment manufacturer) parts and aftermarket parts.

Consumers

Individuals or groups who purchase goods or services for personal use and not for manufacture or resale.

Securities Fraud

A form of white-collar crime that involves deceptive practices in the stock and commodities markets.