Homework Answers
Answer: Debit to Income summary for $2,720
Explanation:
Closing Entry for Inome summary account:
| Account title and explanation | Debit | Credit |
| Income summary [Net income] | $ 2,720 | |
| Retained earnings | $ 2,720 | |
| [To close income summary account] |
Therefore, Debit to Income summary for $2,720
Thus, Option i) is correct answer and remaining given options are incorrect.
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