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

question 68

Multiple Choice

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: 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:

Computer

An electronic device capable of processing, storing, and retrieving data, performing calculations, and executing programmed instructions.

Inventions

Unique or novel devices, methods, or processes that result from study and experimentation.

Schemes

In cognitive development, structured patterns of thought or behavior that individuals use to make sense of their experiences, often evolving with new information.

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses, encompassing processes such as memory, judgment, and problem-solving.