An accountant passed the closing entries of the expenses and then closed all the expense accounts by crediting them. Which account should she debit to complete the dual aspect of the journal entry?
A.
income account
B.
income summary account
C.
revenue account
D.
purchase account
E.
equity account
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “An accountant passed the closing entries of the expenses and then closed all the expense accounts by crediting them. Which account should ...” 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
James works at an automobile factory. Every day he goes to work and inspects the machines at the factory to make sure they are running smoothly. At the end of every week, James is paid by his boss, Bill, for his good work.
Answers (1)
The cost of preferred stock: A. is unaffected by changes in the market price of the stock. B. is constant over time. C. is equal to the stock's dividend yield. D. increases as the price of the stock increases. E.
Answers (1)
Use the PACED decision-making process to make the decision for Brent. Show your work.
Answers (1)
The King Corporation manufactures custom-made furniture. The following data pertains to Job X4A:Direct materials placed into production $9,000Direct labor hours worked 300 hoursDirect labor rate per hour $ 15Machine hours worked 100 hoursPlantwide
Answers (1)
A small manufacturer of custom cabinets wants to expand sales but does not wish to get involved directly with selling or any other marketing activities.
Answers (1)
New Questions in Business
Read the following except from a warranty. What time period is this warranty for? "This warranty is given by XYZ motors. The Zoom car is guaranteed to be free of defects for 30,000 miles or three years, whichever is reached first.
Answers (1)
Orange Corporation is developing standards for its products. Product A requires a material that is purchased for $80.00 per pound from the supplier. By paying cash, the company gets a discount of 3% off this purchase price.
Answers (1)
The most recent financial statements for Alexander Co. are shown here: Income Statement Balance Sheet Sales $ 42,800 Current assets $ 17,500 Long-term debt $ 37,000 Costs 35,500 Fixed assets 68,300 Equity 48,800 Taxable income $ 7,300 Total $ 85,800
Answers (1)
Which of the following is a positive economic statement? A. The government should implement a national consumption tax. B. The standard of living in the United States is too low. C. The U. S.
Answers (1)
Rachel is working on a project that technically allows three activities to be done at the same time. if they were to be implemented at the same time, she would need 5 contractors in order for the activities to be completed on time.
Answers (1)