Question: Which journal entry is correct when closing income summary account? DR: Income Summary $50,000 CR: Retained Earnings $50,000 DR: Income Summary $30,000 CR: Retained Earnings

Which journal entry is correct when closing "income summary" account? DR:

Which journal entry is correct when closing "income summary" account?

DR: Income Summary $50,000 CR: Retained Earnings $50,000
DR: Income Summary $30,000 CR: Retained Earnings $30,000
DR: Retained Earnings $30,000 CR: Income Summary $30,000
DR: Retained Earnings $50,000 CR: Income Summary $50,000

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