During 2010, Zambezi Rowing Co

Multiple Choice

During 2010, Zambezi Rowing Co. generated $500,000 in revenue. In its closing entry for revenue, Zambezi will debit

A) Revenue for $500,000 and credit Income Summary for $500,000.
B) Income Summary for $500,000 and credit Revenue for $500,000.
C) Cash for $500,000 and credit Revenue for $500,000.
D) Revenue for $500,000 and credit Stockholders' Equity for $500,000.
E) Income Summary for $500,000 and credit Retained Earnings for $500,000.