A Company Had $80,000 of Sales Revenue and $75,000 of Expenses

question 115

Multiple Choice

A company had $80,000 of Sales revenue and $75,000 of Expenses. Which of the following would be the first of three year-end closing entries?

• A) Debit Retained earnings $5,000 and credit Income summary $5,000.
• B) Debit Expenses $75,000 and credit Income summary $75,000.
• C) Debit Income summary $5,000 and credit Retained earnings $5,000.
• D) Debit Revenues $80,000 and credit Income summary $80,000.

Recognize and apply effective document design principles, such as those related to the professional appearance of business documents.

Understand the functionality of specific Word tools and tabs (such as the Home tab and Picture Tools Format tab) used in creating and editing documents.

Grasp the essentials of creating and formatting tables in Word, including inserting tab characters and selecting table elements.

Acquire knowledge on the structure and key elements of business letters and documents (including the importance of letterheads and the inclusion of specific sections).

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Definitions:

Ideological Themes

Central beliefs or principles that form the basis of a political, economic, or social system or movement.

Systems Thinking

A holistic approach to analysis that focuses on the way that a system's constituent parts interrelate and how systems work over time and within the context of larger systems.

Interdependencies

Mutual reliance between entities, where the actions or outcomes of one entity depend on those of another.

Organizational Processes

Entails the methods, procedures, and routines used within an organization to produce and deliver its products or services.