The following information is from the Income Statement of the Dirt Poor Laundry Service: The entry to close the Income Summary includes a:
A) credit to Income Summary for $2,450.
B) debit to Income Summary for $2,450.
C) debit to Retained Earnings for $2,450.
D) credit to Common Stock for $2,450.

Question

The following information is from the Income Statement of the Dirt Poor Laundry Service:  The entry to close the Income Summary includes a:
A) credit to Income Summary for $2,450. 
B) debit to Income Summary for $2,450. 
C) debit to Retained Earnings for $2,450. 
D) credit to Common Stock for $2,450.

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 Income Summary includes a:
A) credit to Income Summary for $2,450. 
B) debit to Income Summary for $2,450. 
C) debit to Retained Earnings for $2,450. 
D) credit to Common Stock for $2,450.

The Following Information Is from the Income Statement of the Dirt