High Step Shoes had annual revenues of $185,000,expenses of $103,700,and dividends of $18,000 during the current year.The retained earnings account before closing had a balance of $297,000.The entry to close the Income Summary account at the end of the year,after revenue and expense accounts have been closed,is:
A) Debit Retained earnings $297,000; credit Income Summary $297,000
B) Debit Retained earnings $63,300; credit Income Summary $63,300
C) Debit Income Summary $63,300; credit Retained earnings $63,300
D) Debit Income Summary $81,300,credit Retained earnings $81,300
E) Debit Retained earnings $81,300; credit Income Summary $81,300
Correct Answer:
Verified
Q31: The Unadjusted Trial Balance columns of a
Q32: An optional columnar working paper used to
Q35: In preparing a work sheet an adjusted
Q82: The balances in the unadjusted columns of
Q87: The Unadjusted Trial Balance columns of a
Q272: High Step Shoes,had annual revenues of $185,000,expenses
Q276: If the Balance Sheet and Statement of
Q280: High Step Shoes,had annual revenues of $185,000,expenses
Q281: At the beginning of the year,a company's
Q282: At the beginning of the year,Sigma Company's
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents