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The trial balance showed Revenues of $60,000, Wage Expense of $10,000, and Rent Expense of $2,000,...

The trial balance showed Revenues of $60,000, Wage Expense of $10,000, and Rent Expense of $2,000, and Dividends of $1,000. The entry to close the Income Summary account would include:
a.   Debit to Income Summary for $48,000.
b.   Debit to Income Summary for $47,000.
c.   Credit to Income Summary for $48,000.
d.   Credit to Income Summary for $47,000.

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Answer #1

The entry would be

Debit Credit
Income summary 48,000
Retained earnings 48,000

(60,000-10,000-2,000)

Option A is the answer

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