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Use the Following Worksheet to Answer the Following Questions

Question 68

Multiple Choice

Use the following worksheet to answer the following questions. Use the following worksheet to answer the following questions. Based on the preceding trial balance, the entry to close income summary would be: A) debit C. Finley, Capital $50,000; credit Income Summary $50,000 B) debit Income Summary $155,000; credit C. Finley, Capital $155,000 C) debit Income Summary $50,000, credit C. Finley, Capital $50,000 D) debit C. Finley, Capital $9,000; credit Income Summary $9,000 Based on the preceding trial balance, the entry to close income summary would be:


A) debit C. Finley, Capital $50,000; credit Income Summary $50,000
B) debit Income Summary $155,000; credit C. Finley, Capital $155,000
C) debit Income Summary $50,000, credit C. Finley, Capital $50,000
D) debit C. Finley, Capital $9,000; credit Income Summary $9,000

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