MSmuts Showed a Net Income of $6,000

question 85

Multiple Choice

M.Smuts showed a net income of $6,000.The entry to close the Income Summary account would include a:

• A)debit to M.Smuts Capital,$6,000.
• B)credit to M.Smuts Capital,$6,000.
• C)debit to Income Summary,$6,000.
• D)Both B and C are correct.

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Definitions:

Aging adults

Individuals entering the later stages of life, typically characterized by physical, cognitive, and social changes.

Retirement

The period in an individual's life when they withdraw from their occupation, work, or career, usually due to age.

Selective optimization

A strategy of maximizing performance in certain areas while compensating for declines or limitations in others.

Compensation

A process that contributes to successful development. When a loss of some kind prevents the use of one means to an end, the individual finds another means.