Multiple Choice
Closing entries included debits to revenues for a total of $5,000,credits to expenses for a total of $3,000,and a credit to dividends for $1,000.The net income for the month was:
A) $1,000.
B) $2,000.
C) $3,000.
D) $4,000.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q37: If Blue company records expenses in the
Q39: Acme,Inc.washed 100 cars this past month.They charge
Q41: A company had a normal $50,000 cash
Q44: To prove the equality of the debit
Q47: Closing entries included debits to revenues for
Q62: The recording of depreciation is related to
Q79: Expense accounts are closed by crediting them
Q87: The balance in the Depreciation Expense account
Q138: The Income Statement that is prepared from
Q154: The journal entry to record $2,750 of