At the End of the Accounting Period,but Before Closing Entries

question 42

Multiple Choice

At the end of the accounting period,but before closing entries are made,Harry,the proprietor of Harry's Bar and Grill,has a debit balance of $24,500 in his drawing account and a credit balance of $72,300 in his capital account.Which of the following statements is true?

• A)Harry's net income was $47,800.
• B)Harry will debit the drawing account for $24,500 and credit the capital account for $24,500.
• C)Harry will debit the capital account for $24,500 and credit the drawings account for $24,500.
• D)Harry's retained earnings account was $47,800.

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Definitions:

Ganglia

Structures containing a number of nerve cell bodies, typically linked by synapses, and often forming a swelling on a nerve path.

Axons

Long, slender projections of nerve cells, or neurons, which are responsible for transmitting electrical impulses away from the neuron's body.

Hypothalamic Functions

Activities and regulatory processes carried out by the hypothalamus, a region of the brain involved in homeostasis, including body temperature, hunger, and thirst regulation.

Myelin Sheath

A fatty layer that surrounds neurons, providing insulation and speeding up the transmission of electrical signals.