Business, 20.12.2019 03:31 ThePotato381
Tara westmont, the proprietor of tiptoe shoes, had annual revenues of $201,000, expenses of $111,700, and withdrew $24,400 from the business during the current year. the owner’s capital account before closing had a balance of $313,000. the ending owner’s capital balance after closing is:
a. debit retained earnings $89,300, credit income summary $89,300
b. debit retained earnings $313,000; credit income summary $313,000
c. debit income summary $64,900; credit retained earnings $64,900
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