After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $24,000. The entry to close the income summary account will be:

Question

Answer

Debit Owner Capital $24,000; credit Income Summary $24,000.

Answer

Debit Income Summary $24,000; credit Owner Withdrawals $24,000.

Answer

Debit Owner Withdrawals $24,000; Credit Owner Capital $24,000.

Answer

Debit Owner Withdrawals $24,000; credit Income Summary $24,000.

Answer

Debit Income Summary $24,000; credit Owner Capital $24,000.

Crowdly

After preparing and posting the closing entries for revenues and expenses, the i...

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