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 77 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
Excellent

dawsa925

  • Member
  • Posts: 326
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Przewalski's horses close up Przewalski's horses close up
Subcutaneous drug administration: (a) cross section of skin showing depth of needle insertion; Subcutaneous drug administration: (a) cross section of skin showing depth of needle insertion;
The underhood decal showing that this Lexus RX-330 meets both national (Tier 2; BIN 5) and ... The underhood decal showing that this Lexus RX-330 meets both national (Tier 2; BIN 5) and ...
The NIOSH Pocket Guide entry for gasoline. Useful information includes health effects and chemical ... The NIOSH Pocket Guide entry for gasoline. Useful information includes health effects and chemical ...
Summary of Structures of the Ear Summary of Structures of the Ear
Video: Inflammation

For a complete list of videos, visit our video library