Assume a corporation has a net income of $50,000 . The proper closing entry is:
a. Income Summary is debited $50,000, Retained Earnings is credited $50,000.
b. Retained Earnings is debited $50,000, Income Summary is credited $50,000.
c. Cash is debited $50,000, Sales is credited $50,000.
d. Retained Earnings is debited $50,000, Common Stock is credited $50,000.
e. No entry is required to close net income.
a
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When writing collaboratively, what should each team member focus on supporting?
A) Individual areas of expertise B) Individual priorities C) Team objectives D) Organization and coherence E) Writing styles and work habits
A marketing strategy in which the firm focused on efficient processes and production to create quality products and reduce unit costs was referred to as the
A. marketing concept era. B. relationship marketing era. C. customer orientation era. D. sales orientation era. E. production orientation era.
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What will be an ideal response?
Product costs, such as direct materials, are expensed in the period they are paid
Indicate whether the statement is true or false