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The Income Statement for the Year 2015 of Fugazi Co

Question 21

Multiple Choice

The income statement for the year 2015 of Fugazi Co. contains the following information: The income statement for the year 2015 of Fugazi Co. contains the following information: The entry to close Income Summary to Retained Earnings includes A) a debit to Revenue for $70,000. B) credits to Expenses totalling $77,500. C) a credit to Income Summary for $7,500. D) a credit to Retained Earnings for $7,500. The entry to close Income Summary to Retained Earnings includes


A) a debit to Revenue for $70,000.
B) credits to Expenses totalling $77,500.
C) a credit to Income Summary for $7,500.
D) a credit to Retained Earnings for $7,500.

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