The income statement for the year 2015 of Fugazi Co. contains the following information: The entry to close Income Summary to Retained Earnings includes
A)a debit to Revenue for $70,000.
B)credits to Expenses totalling $77,500.
C)a credit to Income Summary for $7,500.
D)a credit to Retained Earnings for $7,500.

Question

The income statement for the year 2015 of Fugazi Co. contains the following information:  The entry to close Income Summary to Retained Earnings includes
A)a debit to Revenue for $70,000. 
B)credits to Expenses totalling $77,500. 
C)a credit to Income Summary for $7,500. 
D)a credit to Retained Earnings for $7,500.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2015 of Fugazi Co. contains the following information:  The entry to close Income Summary to Retained Earnings includes
A)a debit to Revenue for $70,000. 
B)credits to Expenses totalling $77,500. 
C)a credit to Income Summary for $7,500. 
D)a credit to Retained Earnings for $7,500.

The Income Statement for the Year 2015 of Fugazi Co