Frog Corporation had revenues of $300,000, expenses of $200,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a
A. debit of $55,000.
B. debit of $100,000.
C. credit of $55,000.
D. credit of $100,000.
Answer:C
Frog Corporation had revenues of $300,000, expenses of $200,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a
A. debit of $55,000. B. debit of $100,000. C. credit of $55,000. D. credit of $100,000.