Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100
Jax the Max Construction had $288,000 in Sales, $1,200 in Advertising Expense, $2,800 in Insurance Expense, $32,000 in Rent Expense, $4,500 in Depreciation Expense—Equipment, $1,100 in Depreciation Expense—Vehicles, $68,000 in Wages Expense, $1,700 in Phone Expense, and $14,000 in withdrawals. entry would be needed to close the income summary account? a.Debit Jax, Capital for $176,700 and credit Income Summary for $176,700 b.Debit Jax, Capital for $162,700 and credit Income Summary for $162,700 c.Debit Income Summary for $176,700 and credit Jax, Capital for $176,700 d.Debit Income Summary for $162,700 and credit Jax, Capital for $162,700
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