Question: 11
(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: $15,000
Liability: $14,000
Revenue: $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: $10,000
Credit Revenue: $10,000
D. Debit owner capital: $1,000
Credit Withdrawal: $1,000
E. Debit Withdrawal: $1,000
Credit owner capital: $1,000
