Income summary has a credit balance of $12,000 in j. spencer, co., after closing revenue and expense accounts. the entry to close income summary is a: debit income summary $12,000, credit owner’s capital $12,000. b: credit income summary $12,000, debit owner’s drawing $12,000. c: debit income summary $12,000, credit owner’s drawing $12,000. d: credit income summary $12,000, debit owner’s capital $12,000.

The correct option is None of the above options.

Explanation:

When closing entry is posted for the Income summary, then the income summary account is debited and the retained earnings account is credited when it is a company. So, in this case, it is a company, then the journal entry would be:

Income Summary A/cDr    $12,000

    To Retained Earnings A/cCr     $12,000

Earlier the income summary account has a credit balance, in order to close the account, then it will be debited with the same amount.

Hence, None of the given options is correct.

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