The Income Statement for the Month of June, 2015 of Camera

question 73

Multiple Choice

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,500 \\\text { Advertising Expense } & 800 \\\text { Supplies Expense } & 300 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&5,700\\\text { Net income }&&\$1,300\end{array}$ After the revenue and expense accounts have been closed, the balance in Income Summary will be

• A) $0.
• B) a debit balance of $1,300.
• C) a credit balance of $1,300.
• D) a credit balance of $7,000.

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Definitions:

Lawrence Kohlberg

A renowned psychologist from the United States, famous for developing a theory on the stages of moral development.

Punished

The imposition of a penalty as retribution for an offense, or the treatment received as a consequence of an action.

Preconventional Morality

A stage in moral development where an individual's sense of morality is externally controlled, based primarily on consequences of actions.

Lawrence Kohlberg

was a psychologist known for his theory of moral development, which proposed stages through which individuals progress in their ethical and moral reasoning as they age.