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:

Promote Beliefs

The act of encouraging or advocating for certain ideologies, principles, or values to be accepted or adopted by a wider audience.

Marx's Assertion

The claim by Karl Marx that economic structures determine societal structures, with the conflict between classes driving social change.

Collective Conscience

A collection of common convictions, thoughts, and ethical viewpoints that act as a cohesive element in a community.

Shared Meanings

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