The Income Statement for the Month of June, 2022 of Snap

question 181

Multiple Choice

The income statement for the month of June, 2022 of Snap Shot, Inc. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,300\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,300 \\\text { Advertising Expense } & 700 \\\text { Supplies Expense } & 200 \\\text { Insurance Expense } & 100 \\\text { Total expenses }&&5,300\\\text { Net income (loss) }&&\$2,000\end{array}$ The entry to close Income Summary to Owner's Capital includes

• A) a debit to Revenues for $7,300.
• B) credits to Expenses totalling $5,300.
• C) a credit to Income Summary for $2,000
• D) a credit to Owner's Capital for $2,000.

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Definitions:

Higher-order Need

A term in psychology referring to needs that go beyond basic survival, such as esteem, intimacy, and self-actualization.

Retirement Plan

A financial strategy designed to provide individuals with income or support upon ending their professional careers, often involving savings or investment programs.

Good Health

A state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Need For Achievement

A manifest need that concerns excellence, competition, challenging goals, persistence, and overcoming difficulties.