Use This End-Of-Period Spreadsheet to Answer the Questions That Follow

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.
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-The entry to close Income Summary would be

A) debit Common Stock, $50,000; credit Income Summary, $50,000
B) debit Income Summary, $155,000; credit Common Stock, $155,000
C) debit Income Summary, $50,000; credit Retained Earnings, $50,000
D) debit Common Stock, $9,000; credit Income Summary, $9,000