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Sales revenues were $20,000. Sales returns and allowances were $300. Sales discounts were $700. Cost of goods sold were $12,000 and all other expenses totaled $4,500. The second closing entry would include which of the following items

? A. Credit to income summary of $16,500 B. Debit to income summary of $17,500

C. Debit to income summary of $4,500 D. Debit to income summary of $16,50

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982186

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