The Income Statement for the Year 2011 of Poole Co

question 1

Multiple Choice

The income statement for the year 2011 of Poole Co.contains the following information:
$\begin{array}{lr}\text { Revenues }&&\$70,000\\\text { Expenses: }\\\text { Wages Expense } & \$ 45,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 6,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 2,500 \\\text { Insurance Expense } & 2,000\\\text { Total expenses }&&73,500\\\text { Net income (loss) }&&\$(3,500) \end{array}$
The entry to close the revenue account includes a

• A) debit to Income Summary for \( \$ 3,500 \).
• B) credit to Income Summary for \( \$ 3,500 \).
• C) debit to Revenues for \( \$ 70,000 \).
• D) credit to Revenues for \( \$ 70,000 \).

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Definitions:

Heart Beats

The rhythmic contraction and relaxation of the heart muscles that circulate blood throughout the body.

Tympanic Thermometer

A type of electronic thermometer that measures infrared energy emitted from the tympanic membrane.

Disposable Sheath

A protective cover designed to be used once and then discarded, often used to prevent contamination or infection.

Temporal Thermometers

Instruments that measure body temperature through the temporal artery on the forehead, offering non-intrusive and quick readings.