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 58 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
:D TYSM

LVPMS

  • Member
  • Posts: 323
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

A molecular model showing chromosome territories in the cell nucleus of humans A molecular model showing chromosome territories in the cell nucleus of humans
A king cheetah showing its distinctive coat pattern A king cheetah showing its distinctive coat pattern
Sociologists use income, education, and occupational prestige to measure social class. For most ... Sociologists use income, education, and occupational prestige to measure social class. For most ...
Cutaway of an engine showing the cylinder, piston, connecting rod, and crankshaft. Cutaway of an engine showing the cylinder, piston, connecting rod, and crankshaft.
Experiments showing that long- or short-day plants flower in response to night length. Each horizont Experiments showing that long- or short-day plants flower in response to night length. Each horizont
Video: Introduction to Tuberculosis

For a complete list of videos, visit our video library