Homework Answers
Net income=Revenue-Expenses
=(343,000-206,000)=$137000
Hence when income summary is closed;retained earnings would be credited and income summary account debited to close the income summary account and transfer the net income balance earned to retained earnings account.
Journal:
Income summary a/c...Dr$137,000
To retained earnings $137,000
Hence the correct option is:
credit of $137,000
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