High Step Shoes had annual revenues of $200,000, expenses of $111,200, and dividends of $24,000...
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High Step Shoes had annual revenues of $200,000, expenses of $111,200, and dividends of $24,000 during the current year. The retained earnings account before closing had a balance of $312,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Retained Earnings $312,000; credit Income Summary $312,000 Debit Income Summary $88,800; credit Retained Earnings $88,800 Debit Income Summary $64,800; credit Retained Earnings $64,800 Debit Retained Earnings $64,800; credit Income Summary $64,800
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High Step Shoes had annual revenues of $200,000, expenses of $111,200, and dividends of $24,000 during the current year. The retained earnings account before closing had a balance of $312,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Retained Earnings $312,000; credit Income Summary $312,000 Debit Income Summary $88,800; credit Retained Earnings $88,800 Debit Income Summary $64,800; credit Retained Earnings $64,800 Debit Retained Earnings $64,800; credit Income Summary $64,800 