Multiple choices 4/50
Answer (Choose 1 answer)
A. Credit withdrawal: $1,000
Next
Debit Income summary: $1,000
B. Credit Income summary: $8,000Debit Expense: $8,000
C. Credit Expense: $8,000
Debit Income summary: $8,000
D. Credit Asset: $15,000
Debit Income summary: $15,000
E. Credit Withdrawal: $1,000
Debit owner capital: $1,000
The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. Prepare the necessary closing entries into INCOME SUMMARY
Asset: $15,000
Liability: $14,000Expense: $8,000
Withdrawal: $1,000
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