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

question 159

Multiple Choice

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,500 \\\text { Advertising Expense } & 800 \\\text { Supplies Expense } & 300 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&5,700\\\text { Net income }&&\$1,300\end{array}$ The entry to close Income Summary to Retained Earnings includes

• A) a debit to Revenues for $7,000.
• B) credits to Expenses totalling $5,700.
• C) a credit to Income Summary for $1,300
• D) a credit to Retained Earnings for $1,300.

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Definitions:

Check Boxes

Tools used in forms and questionnaires, allowing individuals to select one or more options from a list of choices.

Sampling Unit

The basic unit containing the elements of the population to be sampled, such as individual participants or geographical areas.

Sample Size

The number of observations or individuals included in a study, crucial for determining the study's generalizability and statistical power.

Budget

An estimate of income and expenditure for a set period of time, often used for planning financial operations.