The following accounts are excerpts from Your Co's 12/31/10 adjusted trial balance. A/P 20 A/R 30 Cash 50 Dividends 10 Fuel Expense 10 Prepaid Rent 15 Rent Expense 30 Retained Earnings 60 Service Revenue 200 Supplies 5 Supplies Expense 15 Unearned Revenue 45 Wages Payable 5 Wage Expense 25 The journal entry to close income summary would include (select all those that apply) . . . Group of answer choices Dr. Income Summary 120 Dr. Retained Earnings 60 Dr. Income Summary 165 Cr. Income Summary 165 Cr. Retained Earnings 120 Cr. Income Summary 120 Cr. Retained Earnings 165 Dr. Retained Earnings 120

Answer rating: 100% (QA)

To determine the journal entry to close the Income Summary account we need to calculate the net inco... View the full answer