Use the Following Account Balances from the Adjusted Trial Balance

question 90

Multiple Choice

Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close their revenue account(s) at the end of the accounting period.

• A)debit Income Summary and credit Fees Revenue for $18,000.
• B)debit Fees Revenue and credit Cash for $18,000.
• C)debit Fees Revenue and credit B. Conway, Capital for $18,000.
• D)debit Fees Revenue and credit Income Summary for $18,000.

Recognize how dividends affect the investment account under the equity method.

Understand the requirements and principles behind consolidated financial statements, including the treatment of minority interests.

Comprehend the impact of foreign currency translation in consolidating financial statements of foreign subsidiaries.

Grasp accounting rules for joint ventures and how ownership percentage influences the method of accounting.

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