The entry to transfer a net loss to the owner's capital account would include:
A. a debit to the Capital account and a credit to Income Summary.
B. a debit to the Capital account and a credit to Cash.
C. a debit to the Capital account and a credit to the Drawing account.
D. a debit to Income Summary and a credit to Capital.
Answer: A
You might also like to view...
A message designed to make an explicit request for people to buy something is called what?
A) Marketing messages B) Claim or adjustment messages C) Sales messages D) Persuasive presentations of ideas E) Requests for action
An oil well cost $2,050,000 and is calculated to hold 290,000 barrels of oil. There is no residual value. Which journal entry is needed to record the expense for the extraction of 53,000 barrels of oil during the year? All 53,000 barrels were sold during the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)
A) Depletion Expense - Oil Reserve 374,710 Accumulated Depletion - Oil Reserve 374,710 B) Depletion Expense - Oil Reserve 374,710 Oil Revenue 374,710 C) Cost of Goods Sold - Oil Reserve 374,710 Accumulated Depletion - Oil Reserve 374,710 D) Oil Reserve Inventory 374,710 Accumulated Depletion - Oil Reserve 374,710
Willis from Popits Press has created a list of rewards for his employees when they reach certain sales goals. What type of leadership is being represented?
a. Directive leader b. Visionary leader c. Transactional leader d. Empowering leader
A company provided the following direct materials cost information. Compute the total direct materials cost variance. Standard costs assigned: Direct materials standard cost (405,000 units @ $2/unit)$810,000 Actual costs: Direct Materials costs incurred (403,750 units @ $2.20/unit)$888,250
A. $80,750 Unfavorable. B. $80,750 Favorable. C. $78,250 Unfavorable. D. $78,250 Favorable. E. $2,500 Favorable.