Reference no: EM132717404
Problem 1: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owner's capital account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
Multiple Choice
A. Debit T. Westmont, Capital $297,000; credit Income Summary $297,000
B. Debit T. Westmont, Capital $63,300; credit Income Summary $63,300
C. Debit Income Summary $63,300; credit T. Westmont, Capital $63,300
D. Debit Income Summary $81,300, credit T. Westmont, Capital $81,300
E. Debit T. Westmont, Capital $81,300; credit Income Summary $81,300
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