This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The journal entry to close the income summary account (showing a profit) includes a. debiting the ... (Read 48 times)

melina_rosy

  • Hero Member
  • *****
  • Posts: 531
on: Jul 5, 2018
The journal entry to close the income summary account (showing a profit) includes
 a. debiting the drawing account and crediting Income Summary.
   b. debiting Income Summary and crediting the drawing account.
   c. debiting the owner's capital account and crediting Income Summary.
   d. debiting Income Summary and crediting the owner's capital account.

Question 2

A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory.
 a. True
  b. False
 
   Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mcni194

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

False


melina_rosy

  • Member
  • Posts: 531
Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

nathang24

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

The FDA recognizes 118 routes of administration.

Head shot, showing convex profile Head shot, showing convex profile
An adult tooth, longitudinal view showing internal structures of the crown and root. An adult tooth, longitudinal view showing internal structures of the crown and root.
A typical lubrication system, showing the oil pan, oil pump, oil filter, and oil passages. A typical lubrication system, showing the oil pan, oil pump, oil filter, and oil passages.
Summary of Drug Action: Common Routes of Administration Summary of Drug Action: Common Routes of Administration
The Central Nervous System Includes the Brain and Spinal Cord The Central Nervous System Includes the Brain and Spinal Cord
Summary of Life's Characteristic Summary of Life's Characteristic
Video: Regulation of GFR: autoregulation via myogenic mechanism Myogenic mechanism

For a complete list of videos, visit our video library