The first two closing entries to the Income Summary account indicated a debt of $57,750 and a credit of $69.700. The third closing entry would be:
A. debit Income Summary $11,950; credit Capital $11,950.
B. debit Income Summary $11,950; credit Drawing $11,950.
C. debit Capital $11,950; credit Income Summary $11,950.
D. debit Revenue $69,700; credit Expenses $57,750.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The first two closing entries to the Income Summary account indicated a debt of $57,750 and a credit of $69.700. The third closing entry ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
In 1993, when Fischer began his tenure at Kodak, the film industry was evolving from one type of change which was slow to another which was very rapid, to another, what type was it evolving to? a. Creative b. Radical c. Progressive d. Intermediating
Answers (1)
Under Statement of Financial Accounting Concepts No. 8, the ability through consensus of measures to ensure that information represents what it purports to represent is an example of the concept of
Answers (1)
Which financial institution usually offers the higher interest rate on savings accounts?
Answers (1)
Why might an accountant user not see the Exceptions to closing date report in a Quickbooks online company
Answers (1)
Suppose that the spot price of the euro is currently $1.30. The 1-year futures price is $1.35. Is the interest rate higher in the United States or the euro zone?
Answers (1)
New Questions in Business
You have two investments. The value of Investment A at the end of April was $500, at the end of May was $600, and at the end of June was $400.
Answers (1)
2017 Sold $1,351,700 of merchandise (that had cost $981,800) on credit, terms n/30. Wrote off $21,500 of uncollectible accounts receivable. Received $670,400 cash in payment of accounts receivable.
Answers (1)
Which of the following types of value chain processes directly creates and delivers goods and services to customers? General management processes Postproduction processes Support processes Core processes
Answers (1)
Comanic Corp. has common stock of $5,400,000, retained earnings of $2,000,000, unrealized gains on trading securities of $100,000 and unrealized losses on available-for-sale securities of $200,000.
Answers (1)
Pirate Corporation acquired 85 percent of Ship Company's voting shares of stock in 20X7. During 20X8, Pirate purchased 50,000 circuit boards for $15 each and sold 28,000 of them to Ship for $20 each.
Answers (1)