Solved

The Following Information Is from the Income Statement of the Dirt

Question 303

Multiple Choice

The following information is from the Income Statement of the Dirt Poor Laundry Service: The following information is from the Income Statement of the Dirt Poor Laundry Service: The entry to close the expense accounts includes a: A) credit to Income Summary for $3,050. B) debit to Income Summary for $3,050. C) debit to Salaries and Wages Expense for $1,950. D) credit to Retained Earnings for $3,050. The entry to close the expense accounts includes a:


A) credit to Income Summary for $3,050.
B) debit to Income Summary for $3,050.
C) debit to Salaries and Wages Expense for $1,950.
D) credit to Retained Earnings for $3,050.

Correct Answer:

verifed

Verified

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

Related Questions

Q103: Accumulated Depreciation is a liability account and

Q104: A company usually determines the amount of

Q110: If a company fails to adjust for

Q172: The expense recognition principle states that expenses

Q183: Adjusting entries are not necessary if the

Q300: Similarities between International Financial Reporting Standards (IFRS)

Q302: The following information is from the Income

Q305: The trial balance for Greenway Corporation appears

Q306: The adjusted trial balance shown below is

Q307: The _ assumption states that the economic