Which of the following is appropriate closing entry for sale

Reference no: EM13283454

Calico corners a small gift shop earned sales revenues for the year totaling $62,500. Which of the following is the appropriate closing entry for the sales revenues account at the end of the period?

Debit sales revenues $62,500; Credit owner's capital.
Debit income summary $62,500; Credit sales revenue $62,500.
Debit sales revenues $62,500; credit income summary $62,500.
Debit sales revenue $62,500; credit net income $62,500.

Reference no: EM13283454

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