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Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is credit Income Summary $12,000, debit the Dividends account $12,000. credit Income
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Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is credit Income Summary $12,000, debit the Dividends account $12,000. credit Income Summary $12,000, debit the Retained Earnings account $12,000. debit Income Summary $12,000, credit the Retained Earnings account $12,000. debit Income Summary $12,000, credit the Dividends account $12,000.

User Shaz
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1 Answer

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9 votes

Answer:

debit Income Summary $12,000; credit Retained Earnings $12,000.

Step-by-step explanation:

Based on the information given The entry to close Income Summary is:

Debit Income Summary $12,000

Credit Retained Earnings $12,000

(To close Income Summary)

User Jiaoziren
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