Which of the following entries properly closes a temporary account?
A. Income Summary 20,000
Service Revenue 20,000
B. Dividends 200
Retained Earnings 200
C. Accumulated Depreciation 1,600
Income Summary 1,600
D. Income Summary 400
Salaries Expense 400
Answer: D
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According to the ________, acquired assets should be recorded at the amount actually paid rather than at the estimated market value
A) going concern assumption B) economic entity concept C) cost principle D) monetary unit assumption
Forsyth, Inc uses estimated direct labor hours of 245,000 and estimated manufacturing overhead costs of $1,200,000 in establishing its predetermined overhead allocation rate for the year
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Which of following assumptions related to the validity of the linear regression model is false?
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