A Certain Car Averages 23 2/5 Miles Per Gallon of Gas

question 9

Multiple Choice

A certain car averages 23 2/5 miles per gallon of gas. How far will it travel on 19 3/7 gallons of gas?

• A) 430 1/5
• B) 440 17/35
• C) 448 5/7
• D) 454 22/35

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Definitions:

Income Summary

A temporary account used in closing process to summarize the results of a period's revenues and expenses.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities; represents the owner's claims against the company's assets.