Hot Tamale Company had $120 000 of revenues and $125 000 of expenses. No dividends were paid. The first of the year- end closing entries should include which of the following line items?
A) Debit Retained earnings $120 000.
B) Debit Income summary $120 000.
C) Credit Retained earnings $120 000.
D) Credit Income summary $120 000.
Correct Answer:
Verified
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