Use the following account balances from the adjusted trial balance of Gees Catering:AccountDebit BalanceCredit Balance Cash 10,000 Accounts Payable 2,000 R. Gees, Drawing 1,000 R. Gees, Capital 18,000 Fees Revenue 10,000 Salary Expense 7,000 Rent Expense 6,000 Supplies Expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period.
A.
| Income Summary | $ | 9,000 | ||
| R. Gees, Capital | $ | 9,000 | ||
B.
| R. Gees, Capital | $ | 19,000 | ||
| Income Summary | $ | 19,000 | ||
C.
| Income Summary | $ | 11,000 | ||
| R. Gees, Capital | $ | 11,000 | ||
D.
| R. Gees, Capital | $ | 9,000 | ||
| Income Summary | $ | 9,000 | ||
Answer: D
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