Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the ledger of ihab company contains the following

The ledger of Ihab Company contains the following balances: Retained Earnings $120,000; Dividends $8,000; Service...

90.2K

Verified Solution

Question

Accounting

The ledger of Ihab Company contains the following balances: Retained Earnings $120,000; Dividends $8,000; Service Revenue $160,000; Salaries Expense $108,000; Rent Expense $36,000; and interest revenue $30,000. the entry to close expense accounts will include a;

Select one:

Credit to Income Summary for $144,000.

Debit to Income Summary for $144,000.

Debit to Salaries Expense for $108,000.

Debit to Income Summary for $174,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students