Author Question: If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third ... (Read 37 times)

pane00 · **on:** Jul 6, 2018

If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third closing entry would be
a. debit Income Summary; credit L. Green, Capital.
b. debit L. Green, Capital; credit Income Summary.
c. debit Income Summary; credit Income from Services.
d. debit Income from Services; credit Income Summary.
e. debit L. Green, Capital; credit L. Green, Drawing.

Question 2

Which financial statement presents the results of operations?

a. Balance sheet.
b. Statement of financial position.
c. Income statement.
d. Statement of cash flows.

Juro · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

a

Answer to Question 2

c

Author Question: If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third ... (Read 37 times)

pane00

If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third ...

Juro

If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third ...

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