Kizspy | Question: 32
(Choose 1 answer)
(2205) After preparing and posting the closing entries to close revenues (and gains) and expenses (andlosses) into the income summary, the income summary account has a debit balance of $33,000. The entry to close the income summary account will include:
A. A debit of $33,000 to owner withdrawals.
B. A credit of $33,000 to owner withdrawals.
C. A debit of $33,000 to income summary.
D. A debit of $33,000 to retained earnings.
E. A credit of $33,000 to retained earnings.
