Business, 06.04.2020 22:32 noobieplayerxd

Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, The company paid $18,000 cash in dividends to the owner (sole stockholder). The retained earnings 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: a. Debit Retained Earnings $63,300; credit Income Summary $63,300 b. Debit Income Summary $63,300; credit Retained Earnings $63,300 c. Debit Retained Earnings $81,300; credit Income Summary $81,300 d. Debit Retained Earnings $297,000; credit Income Summary $297,000 e. Debit Income Summary $81,300; credit Retained Earnings $81,300

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Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $...