The following information is from the Income Statement of the Campus Laundry Service: The entry to close Income Summary includes a:
A)credit to Income Summary for $2,950.
B)debit to Income Summary for $2,950.
C)debit to Retained Earnings for $2,950.
D)credit to Common Stock for $2,950.

Question

The following information is from the Income Statement of the Campus Laundry Service:  The entry to close Income Summary includes a:
A)credit to Income Summary for $2,950. 
B)debit to Income Summary for $2,950. 
C)debit to Retained Earnings for $2,950. 
D)credit to Common Stock for $2,950.

Quizplus · Accepted Answer

The Answer of The following information is from the Income Statement of the Campus Laundry Service:  The entry to close Income Summary includes a:
A)credit to Income Summary for $2,950. 
B)debit to Income Summary for $2,950. 
C)debit to Retained Earnings for $2,950. 
D)credit to Common Stock for $2,950.

The Following Information Is from the Income Statement of the Campus