At the end of the accounting period, Meyer Company has a balance of $$27,000$ in the Service Revenue account. What entry should be made to close the Service Revenue account?

Select answer from the options below

Debit Income Summary $$27,000$ and credit Owner$$s Capital $$27,000.$

Debit Owner$$s Drawings $$27,000$ and credit Service Revenue $$27,000.$

Debit Owner$$s Capital $$27,000$ and credit Service Revenue $$27,000.$

Debit Service Revenue $$27,000$ and credit Income Summary $$27,000$

Answer rating: 100% (QA)

The correct entry to close the Service Revenue account is Debit Service Revenue 27000 and credit Inc... View the full answer