The First Two Closing Entries to the Income Summary Account

question 39

Multiple Choice

The first two closing entries to the Income Summary account indicate a debit of $47,000 and a credit of $41,000. The third closing entry would be:

• A)debit Income Summary $41,000; credit Expenses $41,000
• B)debit Capital $6,000; credit Income Summary $6,000
• C)debit Income Summary $6,000; credit Drawing $6,000
• D)debit Income Summary $47,000; credit Capital $47,000

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Definitions:

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