A Company Had $80 000 of Sales Revenue and $75

question 110

Multiple Choice

A company had $80 000 of Sales revenue and $75 000 of Expenses. Which of the following would be the second of three year- end closing entries?

• A)Debit Income summary $75 000 and credit Expenses $75 000.
• B)Debit Expenses $75 000 and credit Income summary $75 000.
• C)Debit Revenues $80 000 and credit Income summary $80 000.
• D)Debit Income summary $5 000 and credit Retained earnings $5 000.

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Definitions:

Leadership Responsibilities

The obligations and duties associated with guiding and directing a group or organization towards achieving its goals.

Primary Sex Characteristics

The physical features present at birth and directly involved in human reproduction, such as ovaries in females and testes in males.

Menarche

The occurrence of the first menstrual period in a young woman, signifying the beginning of reproductive capability.

Parental Neglect

A form of child abuse where a parent or guardian fails to provide the basic needs or appropriate care for their child.