Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question. Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.
A) debit Sales and credit Income Summary for $15,000.
B) debit Income Summary for $15,000 and credit Sales for $15,000.
C) debit Sales and credit R Holloway,Capital for $15,000.
D) debit Sales $15,000;debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200.

Question

Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question.  Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.
A) debit Sales and credit Income Summary for $15,000. 
B) debit Income Summary for $15,000 and credit Sales for $15,000. 
C) debit Sales and credit R Holloway,Capital for $15,000. 
D) debit Sales $15,000;debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200.

Quizplus · Accepted Answer

The Answer of Use the following account balances from the adjusted trial balance columns of RB Auto's worksheet to answer below question.  Select the closing entry that RB Auto would make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.
A) debit Sales and credit Income Summary for $15,000. 
B) debit Income Summary for $15,000 and credit Sales for $15,000. 
C) debit Sales and credit R Holloway,Capital for $15,000. 
D) debit Sales $15,000;debit Purchase Returns and Allowances $200 and credit Income Summary for $15,200.

Use the Following Account Balances from the Adjusted Trial Balance