If Smith corporation has a $5,000 credit balance in the income summary account after closing revenues and expenses. what would be the closing entry for the income summary account is: A debit to the Retained Earnings account for $5,000, A credit to Income Summary for $5,000.
Assuming the company has the amount of $5,000 credit balance in the income summary account after closing revenues and expenses. The appropriate closing entry for the income summary account is:
Smith corporation closing entry
A debit to the Retained Earnings account for $5,000
A credit to Income Summary for $5,000
(Income summary account closing entry)
Therefore what would be the closing entry for the income summary account is: A debit to the Retained Earnings account for $5,000, A credit to Income Summary for $5,000.
Learn more about closing entry here:https://brainly.com/question/27857473
#SPJ4
