Question: The first step in the closing process is to: A. close all balances on the income statement credit column of the worksheet except Income Summary.

The first step in the closing process is to:

A.

close all balances on the income statement credit column of the worksheet except Income Summary.

B.

close all balances on the income statement debit column of the worksheet except Income Summary.

C.

transfer the balance from the Income Summary Account to the Capital Account.

D.

transfer the balance of the Owner's Withdrawals Account to Capital.

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