Dana and Emile allocate 2/3 of their partnership's profits and losses to Dana and 1/3 to Emile. The net income of the firm is $40,000. The journal entry to close the Income Summary will include a ________. (Do not round any intermediate calculations.)
A) credit to Income Summary for $26,667
B) debit to Dana, Capital for $13,333
C) credit to Emile, Capital for $26,667
D) debit to Income Summary for $40,000
D) debit to Income Summary for $40,000
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In a process costing system ________.
A) separate work-in-process inventory accounts are maintained for each process or department B) work-in-process inventory employs one general ledger account with a subsidiary ledger C) a job cost record is maintained for each job D) costs are transferred when jobs are complete
The sources of customer expectations are all controlled by the service provider.
Answer the following statement true (T) or false (F)
A 10-percent shareholder of an equity security of a reporting company is considered a statutory insider.
Answer the following statement true (T) or false (F)
The Wagner Company acquired $500,000 cash from the issue of common stock. How would this transaction be recorded in the company's T-accounts?
A.
| Common Stock | |
| 500,000 | |
| Cash | |
| 500,000 | |
B.
| Retained Earnings | |
| 500,000 | |
| Common Stock | |
| 500,000 | |
C.
| Cash | |
| 500,000 | |
| Common Stock | |
| 500,000 | |
D.
| Common Stock | |
| 500,000 | |
| Retained Earnings | |
| 500,000 | |