The following information is from the Income Statement of the Dirt Poor Laundry Service: The entry to close the Service Revenue account includes a:
A) debit to Service Revenue for $5,500.
B) credit to Service Revenue for $5,500.
C) debit to Income Summary for $5,500.
D) debit to Retained Earnings for $5,500.

Question

The following information is from the Income Statement of the Dirt Poor Laundry Service:  The entry to close the Service Revenue account includes a:
A) debit to Service Revenue for $5,500. 
B) credit to Service Revenue for $5,500. 
C) debit to Income Summary for $5,500. 
D) debit to Retained Earnings for $5,500.

Quizplus · Accepted Answer

The Answer of The following information is from the Income Statement of the Dirt Poor Laundry Service:  The entry to close the Service Revenue account includes a:
A) debit to Service Revenue for $5,500. 
B) credit to Service Revenue for $5,500. 
C) debit to Income Summary for $5,500. 
D) debit to Retained Earnings for $5,500.

The Following Information Is from the Income Statement of the Dirt