Top Posters
Since Sunday
e
5
e
4
4
d
4
o
3
p
3
t
3
3
m
3
p
3
m
3
f
3
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
H3Ko H3Ko
wrote...
Go to Answer
Posts: 4891
Rep: 45 0
7 years ago
Emerald, Inc., earned revenues of $69,000 and incurred expenses of $74,000.  No dividends were declared.  Which of the following statements is correct?
A) The entry to close Income Summary requires a debit to the Income Summary account.
B) Retained Earnings will be debited for $5,000 and Income Summary will be credited for $5,000.
C) The entries to close revenues and expenses will differ if there is a net loss.
D) The entry to close Income Summary is the same regardless of a net income or a net loss.
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
Read 1081 times
3 Replies
Replies
Answer verified by a subject expert
.unplugged..unplugged.
wrote...
#1
Top Poster
Posts: 1272
Rep: 267 0
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

H3Ko Author
wrote...
#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
wrote...
#3
4 years ago
Good job.
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  958 People Browsing
 118 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 1007
  
 914
  
 545
Your Opinion
Who will win the 2024 president election?
Votes: 6
Closes: November 4
Previous poll results: Who will win the 2024 president election?