Author Question: The entry to close income summary would be a. debit C. Finley, Capital, 50,000; credit Income ... (Read 80 times)

elizabeth18 · **on:** Jul 5, 2018

The entry to close income summary would be
a. debit C. Finley, Capital, 50,000; credit Income Summary, 50,000
b. debit Income Summary, 155,000; credit C. Finley, Capital, 155,000
c. debit Income Summary, 50,000; credit C. Finley, Capital, 50,000
d. debit C. Finley, Capital, 9,000; credit Income Summary, 9,000

Question 2

What is the amount of purchases budgeted for February?

A) 32,214
B) 70,200
C) 73,320
D) 95,160