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Rider Company is in the process of preparing closing entries. It first closes its revenue accounts by crediting the Income Summary account for $68,000 and then, closes its expense accounts by debiting the Income Summary account for $45,000. The entry to then close the Income Summary account is - credit Income Summary, $23,000, and debit Retained Earnings, $23,000-debit Income Summary $23,000, and credit Retained Earnings, $23,000-debit Income Summary, $68,000, and credit Income Summary, $45,000-debit Dividends, $45,000, and credit Income Summary, $45,000
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