The Income Statement Credit Column of the Worksheet Showed the Following

question 6

Multiple Choice

The income statement credit column of the worksheet showed the following revenues: Maintenance Fees $800
Professional Fees 700
The journal entry to close the revenue accounts is

• A) \[\begin{array}{l}
• \text { Income Summary } \quad 1,500\\
• \begin{array} { l l }
• \text { Maintenance Fees } & 800 \\
• \text { Professional Fees } & 700
• \end{array}
• \end{array}\]
• B) Maintenance Fees \(\quad 800\)
• Professional Fees \(\quad 700\)
• Income Summary\(\quad 1,500\)
• C) Capital \(\quad 1,500\)
• income summary \(\quad 1,500\)
• D) \[\begin{array} { l l l }
• \text { Maintenance Fees } & 800 & \\
• \text { Professional Fees } & 700 & \\
• \quad \text { Capital } & & 1,500
• \end{array}\]

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Definitions:

First-line Managers

Managers at the lowest level of an organization who direct day-to-day activities of employees.

Top Management Executives

Senior-level individuals who are responsible for overseeing the strategic direction and operational decisions of an organization.

Weekly Plans

Structured outlines of intended tasks or objectives set to be achieved within a week.

Departmental Procedures

Specific rules and methods designed to guide the operations and tasks of a particular department within an organization.