Answer (Choose 1 answer)
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: $10,000
Revenue: $15,000
Unearned revenue: $1,000
A. Debit unearned Revenue: $1,000
Credit Income summary: $1,000
B. Credit unearned Revenue: $1,000
Debit Income summary: $1,000
C. Credit Revenue: $15,000
Debit Income summary: $15,000
D. Debit owner capital: $10,000
Credit Withdrawal: $10,000
E. Debit Revenue: $15,000
Credit Income summary: $15,000
Exit 22
