After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $30,000. The entryto close the income summary account will be:Multiple ChoiceCredit Retained earnings $30,000; debit Dividends $30,000.Debit Income Summary $30,000; credit Dividends $30,000.Debit Retained earnings $30,000; credit Income Summary $30,000.Nohit Dividonde €20000 credit Income Summan 3000n< Prev28 of 30Next >9:01 PMe here to search99%2/21/202 Multiple ChoiceCredit Retained earnings $30,000; debit Dividends $30,000.Debit Income Summary $30,000; credit Dividends $30,000.Debit Retained earnings $30,000; credit Income Summary $30,000.Debit Dividends $30,000; credit Income Summary $30,000.Debit Income Summary $30,000; credit Retained earnings $30,000.28. of 30Next >

Income summary balance = DR$ 30,000

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $30,000. The entry to close the income summary account will be: Multiple Choice Credit Retained earnings $30,000; debit Dividends $30,000. Debit Income Summary $30,000; credit Dividends $30,000. Debit Retained earnings $30,000, credit Income Summary $30,000. Dohit Dvirlande an000 credin Income Summan 30000 < Prev 28 of 30 Next >

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $30,000. The entry to close the income summary account will be: Multiple Choice Credit Retained earnings $30,000; debit Dividends $30,000. Debit Income Summary $30,000; credit Dividends $30,000. Debit Retained earnings $30,000, credit Income Summary $30,000. Dohit Dvirlande an000 credin Income Summan 30000 < Prev 28 of 30 Next >

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 7DQ: Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital...

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