Tara Westmont, owner of Tiptoe Shoes, had annual revenues of $199,000, expenses of $110,700, and withdrew $23,600 from the business during the current year. The owner's capital account prior to closing had a balance of $311,000. The entry to close the Income Summary account at the end of the year, after the income and expense accounts have been closed, is ?

Answer rating: 100% (QA)

The Income Summary account is used to summarize the revenues and expenses for the year The balance i... View the full answer