Solved

The Income Statement for the Year 2014 of Poole Co

Question 181

Multiple Choice

The income statement for the year 2014 of Poole Co. contains the following information: The income statement for the year 2014 of Poole Co. contains the following information: The entry to close the revenue account includes a A) debit to Income Summary for $2,500. B) credit to Income Summary for $2,500. C) debit to Revenues for $75,000. D) credit to Revenues for $75,000. The entry to close the revenue account includes a


A) debit to Income Summary for $2,500.
B) credit to Income Summary for $2,500.
C) debit to Revenues for $75,000.
D) credit to Revenues for $75,000.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q14: To close net income to Retained Earnings

Q21: A business entity has only one accounting

Q43: Reversing entries are an optional bookkeeping procedure.

Q69: Current liabilities are obligations that the company

Q80: A worksheet is a mandatory form that

Q92: An error has occurred in the closing

Q135: IFRS requires that current assets be reported

Q176: A lawyer collected $630 of legal fees

Q179: The following accounts were included on Haircut

Q209: Closing entries may be prepared from all