sspatel6784 sspatel6784

24-03-2020
Business

contestada

The first two closing entries to the Income Summary account indicated a debt of $57,750 and a credit of $69.700. The third closing entry would be :

A. debit Income Summary $11,950; credit Capital $11,950.
B. debit Income Summary $11,950; credit Drawing $11,950.
C. debit Capital $11,950; credit Income Summary $11,950.
D. debit Revenue $69,700; credit Expenses $57,750.

Respuesta :

tanseershar tanseershar

27-03-2020

Answer:

A. Debit Income Summary $11,950; Credit Capital$11,950

Explanation:

The difference amount of ($69,700-$57,7500=$11,950 is taken to balance the income summary account.

In double entry system, always debit and credit are balanced in trial balance so that financial are tallied for every transaction event

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