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After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be: A. Credit

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:

A. Credit Retained earnings $33,000; debit Dividends $33,000.

B. Debit Dividends $33,000; credit Income Summary $33,000.

C. Debit Income Summary $33,000; credit Retained earnings $33,000.

D. Debit Retained earnings $33,000; credit Income Summary $33,000.

E. Debit Income Summary $33,000; credit Dividends $33,000.

Jun 30 2021 View more View Less

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