Get the information you need quickly and easily with IDNLearn.com. Discover reliable and timely information on any topic from our network of knowledgeable professionals.
Use the following information from the income statement of the AAA Janitorial Service. Revenues Service Revenue $5,500 Expenses Salaries and wages expense $ 1,150 Advertising expense 600 Rent expense 300 Supplies expense 300 Insurance expense 100 Total expenses 2,450 Net Income $3,050
The entry to close the Income Summary includes a - debit to Income Summary for $3,050. - credit to Common Stock for $3,050. - debit to the Owner’s Capital account for $3,050. - credit to Income Summary for $3,050.
Which of the following items has no effect on owner’s equity? a. Purchase of land b. Owner’s withdrawal c. Expense d. Revenue
Sagot :
Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Thank you for choosing IDNLearn.com for your queries. We’re committed to providing accurate answers, so visit us again soon.
