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

question 84

Multiple Choice

The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: 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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A formal and authoritative order, often used in a legal context, such as a court decision or judgement.

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Fundamental job duties or activities that must be performed to achieve the objectives of a specific position.

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A system of rules that are created and enforced through social or governmental institutions to regulate behavior.

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