The income statement for the year 2014 of Poole Co. contains the following information: The entry to close Income Summary to Retained Earnings includes
A) a debit to Revenue for $75,000.
B) credits to Expenses totalling $77,500.
C) a credit to Income Summary for $2,500.
D) a credit to Retained Earnings for $2,500.

Question

The income statement for the year 2014 of Poole Co. contains the following information:  The entry to close Income Summary to Retained Earnings includes
A) a debit to Revenue for $75,000. 
B) credits to Expenses totalling $77,500. 
C) a credit to Income Summary for $2,500. 
D) a credit to Retained Earnings for $2,500.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2014 of Poole Co. contains the following information:  The entry to close Income Summary to Retained Earnings includes
A) a debit to Revenue for $75,000. 
B) credits to Expenses totalling $77,500. 
C) a credit to Income Summary for $2,500. 
D) a credit to Retained Earnings for $2,500.

The Income Statement for the Year 2014 of Poole Co