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Author Question: If L. Green's total revenue for the year was 38,000 and total expenses were 30,000, the third ... (Read 22 times)

pane00

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

a

Answer to Question 2

c


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