The Income Statement Debit Column of the Worksheet Showed the Following

question 27

Multiple Choice

The income statement debit column of the worksheet showed the following expenses:
$\begin{array}{|l|r|}\hline\text { Supplies Expense } & \$ 600 \\\hline \text { Depreciation Expense } & 400 \\\hline \text { Salaries Expense } & 300 \\\hline\end{array}$
The journal entry to close the expense accounts is:

• A) \(\begin{array}{|l|l|} \hline \text { Income Summary } & 1,300 \\ \hline \text { Supplies Expense } & 600 \\ \hline \text { Depreciation Expense } & 400 \\ \hline \text { Salaries Expense } &300\\\hline \end{array}\)
• D) \(\begin{array}{|l|l|} \hline\text { Capital } & 1,200 \\ \hline \text { Income Summary } & 1,200\\\hline \end{array}\)

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Definitions:

Guilds

Associations of artisans or merchants who control the practice of their craft in a particular town, historically significant for setting standards and protecting members' interests.

Unions

Organizations of workers that seek to defend and promote their members’ interests.

Agricultural Settlements

Communities primarily engaged in farming and agriculture, often located in rural areas.

Slash and Burn Agriculture

A method of agriculture where forests are cut and burned to create fields for temporary cultivation, often used in tropical environments.