The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.After closing revenue and expenses, Income Summary will have a balance of
A)$2,000 debit.
B)$2,000 credit.
C)$1,800 credit.
D)$2,200 debit.

Question

The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022:  The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.After closing revenue and expenses, Income Summary will have a balance of
A)$2,000 debit. 
B)$2,000 credit. 
C)$1,800 credit. 
D)$2,200 debit.

Quizplus · Accepted Answer

The Answer of The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022:  The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.After closing revenue and expenses, Income Summary will have a balance of
A)$2,000 debit. 
B)$2,000 credit. 
C)$1,800 credit. 
D)$2,200 debit.

The Following Information Is from the Income Statement of Ike's