6
(Choose 1 answer)
Asset: $15,000
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
Liability: $14,000Revenue: $10,000
Withdrawal: $1,000
A. Debit Revenue: $10,000
Credit Income summary: $10,000
B. Debit Income summary: $10,000
Credit Revenue: $10,000
C. Debit owner capital: $10,000Credit Revenue: $10.000
D. Debit owner capital: $1,000Credit Withdrawal: $1,000
E. Debit Withdrawal: $1,000
Credit owner capital: $1,000
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