Income Summary Has a Credit Balance of $17,000 in S

question 4

Multiple Choice

Income Summary has a credit balance of $17,000 in S.Sufjan Co.after closing revenues and expenses.The entry to close Income Summary is

• A)credit Income Summary $17,000, debit Retained Earnings $17,000.
• B)credit Income Summary $17,000, debit Dividends $17,000.
• C)debit Income Summary $17,000, credit Dividends $17,000.
• D)debit Income Summary $17,000, credit Retained Earnings $17,000.

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Definitions:

Economic Research

The systematic study of economies or economic phenomena, utilizing theoretical models and empirical data to analyze economic behaviors and policies.

Average American Wage

The mean income received by an individual working in the United States, serving as an indicator of economic health and worker prosperity.

Backflows

The return of workers to the countries from which they originally emigrated.

Younger Workers

Refers to individuals in the workforce who are typically in the lower age range of the working population, often considered to be more recent entrants into the job market.