Reference no: EM13864284
Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $203,000, expenses of $112,700, The Company paid $25,200 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $315,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
A. Debit Retained Earnings $315,000; credit Income Summary $315,000
B. Debit Retained Earnings $65,100; credit Income Summary $65,100
C. Debit Income Summary $65,100; credit Retained Earnings $65,100
D. Debit Income Summary $90,300, credit Retained Earnings $90,300
E. Debit Retained Earnings $90,300, credit Income Summary $90,300
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