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Use the Work Sheet for Finley Company to Answer the Questions

Question 12

Multiple Choice

Use the work sheet for Finley Company to answer the questions that follow.
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
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

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