It is obvious that an error occurred in the preparation and/or posting of closing entries if:
A. the income summary account is debited for the amount of net income for the period.
B. all balance sheet accounts have zero balances.
C. the owner's capital account is debited for the amount of the net loss for the period.
D. only permanent accounts appear on the post-closing trial balance.
E. all revenue and expense accounts have zero balances.
Answer: B
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Which of the following is an advantage of online research?
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A corporation issued 110 shares of its $5 par value common stock in payment of a $1900 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include:
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When a union violates a union contract, the employer can seek relief by:
A. Requesting an injunction against the union B. Suing the union for contract violation C. Filing a grievance against the union D. Filing an unfair labor practice charge with the NLRB