The Adjusted Balances for Tomas Co

Multiple Choice

The adjusted balances for Tomas Co. are listed below.
Cash, $20,000
Accounts Receivable, $2,500
Prepaid Insurance, $3,500
Equipment, $15,000
Accumulated Depreciation, $2,000
Accounts Payable, $4,000
J.Tomas, Capital, $30,000
J.Tomas, Drawing, $10,000
Income from Services, $35,000
Wages Expense, $12,000
Rent Expense, $8,000
The entry to close revenue would involve a

A) debit to Income Summary, $35,000.
B) credit to Income from Services, $35,000
C) debit to Income from Services, $35,000.
D) None of the answers listed