Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $198,000, expenses of $110,200,...
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Accounting
Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $198,000, expenses of $110,200, and withdrew $23,200 from the business during the current year. The owners capital account before closing had a balance of $310,000. 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 T. Westmont, Capital $64,600; credit Income Summary $64,600
Debit Income Summary $87,800, credit T. Westmont, Capital $87,800
Debit T. Westmont, Capital $310,000; credit Income Summary $310,000
Debit T. Westmont, Capital $87,800, credit Income Summary $87,800
Debit Income Summary $64,600; credit T. Westmont, Capital $64,600
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