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4 years ago

10

Review and complete the following statement regarding the Income Summary account. The Income Summary account is (debited/credite

d) for the sum of all revenue accounts and is (debited/credited) for the sum of all expense accounts and its balance will be transferred to the (Retained Earnings/Cash) account.

1 answer:

Artist 52 [7]4 years ago

8 0

Answer:

Credited , Debited, and Retained Earnings

Explanation:

The closing entries are presented below:

1. Revenue A/c Dr XXXXX

To Income summary A/c XXXXX

(Being the revenue account is closed)

2. Income summary A/c Dr XXXXX

To Expenses A/c XXXXX

(Being the expenses are closed)

3. Income summary A/c Dr XXXXX

To Retained earnings A/c XXXXX

(Being the difference i.e net profit is recorded)

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Three sisters are interested in forming a business together. They have three initial concerns: How to maximize their benefits fr

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Answer:

Limited liability company

Explanation:

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Also the business will continue even if only one of the sisters remains.

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3 years ago

Peggy offers to sell Shelby a purebred Scottish terrier puppy for $800. Shelby and Peggy do not discuss the dog's ancestry, but

ladessa [460]

Answer:

a. No, because Shelby made a mistake about the dog's value, not a mistake about a material fact.

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3 years ago

Limited focus of change is a major force for resistance to change that originates from an organizational source. It indicates th

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4 years ago

bixtya [17]

Entrepeneur is a person who organizes, operates, and assumes the risk for a business venture so a cleaning supplies business is run by an entrepreneur. But a musician also operates a business and assumes risk. In my opinion both are entrepreneurs. But the person with the cleaning bisiness is for sure!

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3 years ago

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Answer:

A. The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would increase.

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If the price of LCDs falls, the quantity demanded would increase. This would lead to an increase in demand for the players too. The increase in demand for the players leads to a rise in price of the players.

I hope my answer helps you.

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4 years ago