After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be:
A. Credit Retained earnings $28,000; debit Dividends $28,000.
B. Debit Dividends $28,000; credit Income Summary $28,000.
C. Debit Income Summary $28,000; credit Dividends $28,000.
D. Debit Retained earnings $28,000; credit Income Summary $28,000.
E. Debit Income Summary $28,000; credit Retained earnings $28,000.
Answer: D
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Use the information below for Fargo Corp for 2015 and 2016 to answer the following question. Bonds payable, December 31, 2015 $500,000 Bonds payable, December 31, 2016 800,000 Loss on bond retirement—2016 15,000 Interest expense on bonds—2016 45,000 At the end of 2016, Fargo issued bonds at par value for $800,000 cash. The proceeds from these bonds were used to retire the $500,000 bond issue
outstanding at the end of 2015 (before their maturity date). All interest expense was paid in cash during 2016. How much did Fargo pay to retire the $500,000 bond issue during 2016? a. $485,000 b. $500,000 c. $515,000 d. $560,000
Answer the following statements true (T) or false (F)
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For those with a(n) ______ self, a positive self-image is derived from belonging, fitting in, occupying one’s proper place, engaging in appropriate action, and maintaining harmony.
A. interdependent B. motivational C. self-verification D. independent
On average, it is less expensive to relocate a service-oriented business than a manufacturing business
Indicate whether the statement is true or false