« previous next »

Author Question: If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third ... (Read 24 times)

pane00

  • Hero Member
  • *****
  • Posts: 579
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

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jul 6, 2018
Answer to Question 1

a

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

The phosphorus cycle. Numbers are 1012 g P or fluxes as 1012 g P per year (data from Schlesinger 199 The phosphorus cycle. Numbers are 1012 g P or fluxes as 1012 g P per year (data from Schlesinger 199
Green Balls Green Balls
Infant: 4 weeks to 1 year. Infant: 4 weeks to 1 year.
Mishu wants to invest an inheritance of $20,000 for one year. His credit union offers 8.85% for ... Mishu wants to invest an inheritance of $20,000 for one year. His credit union offers 8.85% for ...
Three mechanics worked 15 1/2, 14 3/4, 18 1/8 hours respectively. What was the total Three mechanics worked 15 1/2, 14 3/4, 18 1/8 hours respectively. What was the total
What single payment one year from now would be economically equivalent to payments of $1,000 ... What single payment one year from now would be economically equivalent to payments of $1,000 ...
Video: Virtual Tour of the Eye Animation

For a complete list of videos, visit our video library