If the Adjusting Entry to Transfer Net Income and Retained

question 41

Multiple Choice

If the adjusting entry to transfer Net Income and Retained Earnings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows____ .

• A)Retained Earnings
• B)Net Income
• C)Both Net Income and Retained Earnings
• D)None of the above because the Net Income and Retained Earnings have been transferred into capital

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Definitions:

Transduction

The process by which sensory stimuli are converted into electrical signals in the nervous system.

Heterotrophic

An organism that obtains its energy and carbon by consuming other organisms, unable to produce its own food.

Autotrophic

Organisms capable of synthesizing their own food from inorganic substances using light or chemical energy.

Parasitic

Pertaining to organisms that live on or in a host organism and cause harm to their host.