The income statement for the year 2021 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.
Correct Answer:
Verified
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