The Following Information Is from the Income Statement of Ike's

question 100

Multiple Choice

The following information is from the Income Statement of Ike's Lawn Service for the quarter ending September 2022: The balance in Retained Earnings at July 1 was $3,200.Ike's distributed dividends of $2,200 during the period.Which of the following is not one of the closing entries that the company will make?

• A)Credit Income Summary for $4,500, Debit Retained Earnings for $4,500
• B)Debit Retained Earnings for $2,200, Credit Dividends for $2,200
• C)Debit Service Revenue $4,500, Credit Income Summary for $4,500
• D)Debit Income Summary for $2,000, Credit Retained Earnings for $2,000

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Definitions:

Normative Statements

Assertions that express opinions about what ought to be, involving values and ethical judgments, rather than empirical facts.

Positive Relationship

A Positive Relationship in economics refers to a situation where an increase in one variable leads to an increase in another variable.

Gelato

A rich, Italian-style ice cream known for its density and intense flavors.

Temperature

A measure of the average kinetic energy of the particles in a system, expressed in units such as Celsius (°C), Fahrenheit (°F), or Kelvin (K).