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

question 107

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 of $24,500 in his drawing account and a credit of $126,800 in his capital account.If his capital account has a credit balance of $137,900 after the closing,what was his net income?

• A)$11,100
• B)$35,600
• C)$113,400
• D)$13,400

Understand the role of experience and environmental interaction in the development of perception and brain functioning.

Recognize key milestones and patterns in infant physical development and their implications for care.

Familiarize with breastfeeding recommendations and practices that support child health.

Understand the principles of sensorimotor development and stages.

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Definitions:

Specific Performance

A legal remedy in contract law requiring the breaching party to fulfill the exact terms of the contract, rather than merely compensating the aggrieved party with damages.

Sale of Goods

A transaction in which property consisting of tangible personal items is transferred from seller to buyer for a price.

Reselling the Defective Fixtures

The act of selling goods that have flaws or defects not corrected by the seller, often at a reduced price.

Seller/Lessor in Breach

Refers to a situation where the seller or lessor fails to fulfill their contractual obligations, giving the buyer or lessee potential remedies under the law.