Use the Work Sheet for Finley Company to Answer the Questions

Multiple Choice

Use the work sheet for Finley Company to answer the questions that follow. The entry to close Income Summary would be

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