The Adjusted Balances for Tomas Co

question 36

Multiple Choice

The adjusted balances for Tomas Co. are listed below.
Cash, $20,000
Accounts Receivable, $2,500
Prepaid Insurance, $3,500
Equipment, $15,000
Accumulated Depreciation, $2,000
Accounts Payable, $4,000
J. Tomas, Capital, $30,000
J. Tomas, Drawing, $10,000
Income from Services, $35,000
Wages Expense, $12,000
Rent Expense, $8,000
The entry to close Income Summary would involve a

• A) credit to Net Income, $15,000.
• B) debit to Income Summary, $15,000.
• C) debit to Net Income, $15,000.
• D) debit to J. Tomas, Capital, $15,000

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