Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close the income summary account at the end of the accounting period.
A)debit B. Conway, Capital $600 credit B. Conway, Drawing for $600.
B)debit B. Conway, Capital $9,700 and credit Income Summary for $9,700.
C)debit B. Conway, Capital $18,000 and credit Income Summary for $18,000.
D)debit Income Summary $9,700 and credit B. Conway, Capital for $9,700.

Question

Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close the income summary account at the end of the accounting period.
A)debit B. Conway, Capital $600 credit B. Conway, Drawing for $600. 
B)debit B. Conway, Capital $9,700 and credit Income Summary for $9,700. 
C)debit B. Conway, Capital $18,000 and credit Income Summary for $18,000. 
D)debit Income Summary $9,700 and credit B. Conway, Capital for $9,700.

Quizplus · Accepted Answer

The Answer of Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close the income summary account at the end of the accounting period.
A)debit B. Conway, Capital $600 credit B. Conway, Drawing for $600. 
B)debit B. Conway, Capital $9,700 and credit Income Summary for $9,700. 
C)debit B. Conway, Capital $18,000 and credit Income Summary for $18,000. 
D)debit Income Summary $9,700 and credit B. Conway, Capital for $9,700.

Use the Following Account Balances from the Adjusted Trial Balance