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Norma-Jean [14]
3 years ago
5

Income Summary has a credit balance of $12,000 after closing revenues and expenses. The entry to close Income Summary is credit

Income Summary $12,000, debit the Dividends account $12,000. credit Income Summary $12,000, debit the Retained Earnings account $12,000. debit Income Summary $12,000, credit the Retained Earnings account $12,000. debit Income Summary $12,000, credit the Dividends account $12,000.
Business
1 answer:
Reptile [31]3 years ago
6 0

Answer:

debit Income Summary $12,000; credit Retained Earnings $12,000.

Explanation:

Based on the information given The entry to close Income Summary is:

Debit Income Summary $12,000

Credit Retained Earnings $12,000

(To close Income Summary)

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