A credit to Income Summary of $231,000 and a debit to Income Summary of $216,250 results in profit of $14,750 transferred to Owner's Capital.

Name: A credit to Income Summary of $231,000 and a debit to Income Summary of $216,250 results in profit of $14,750 transferred to Owner's Capital.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The credit of $231,000 and debit of $216,250 represent the total revenue and expenses, resulting in a net profit of $14,750. This profit is then transferred to the Owner's Capital account.

A Credit to Income Summary of $231,000 and a Debit