Use this end-of-period spreadsheet to answer the questions that follow.

-The entry to close Income Summary would be
A) debit Common Stock, $50,000; credit Income Summary, $50,000
B) debit Income Summary, $155,000; credit Common Stock, $155,000
C) debit Income Summary, $50,000; credit Retained Earnings, $50,000
D) debit Common Stock, $9,000; credit Income Summary, $9,000

Question

Use this end-of-period spreadsheet to answer the questions that follow.
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-The entry to close Income Summary would be
A) debit Common Stock, $50,000; credit Income Summary, $50,000 
B) debit Income Summary, $155,000; credit Common Stock, $155,000 
C) debit Income Summary, $50,000; credit Retained Earnings, $50,000 
D) debit Common Stock, $9,000; credit Income Summary, $9,000

Quizplus · Accepted Answer

Net income = Total revenue - Total expenses = $155,000 - ($63,000 + $27,000 + $15,000) = $50,000 11ea84e6_b027_47bb_9a63_4121ddc224bc_TB2281_00_TB2281_00

Use This End-Of-Period Spreadsheet to Answer the Questions That Follow