Indicate the Account(s) to Be Debited and Credited to Record

question 125

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.
-Closed the income summary to the partners' accounts with a net income.
Debit ________ Credit ________ & ________

• A)Cash
• B)Accounts receivable
• C)Allowance for doubtful accounts
• D)Merchandise inventory
• E)Store supplies
• F)Store equipment
• G)Accumulated depreciation
• H)Notes payable
• I)Accounts payable
• J)John Partner's, Capital
• K)Joy Partner's, Capital
• L)John Partner's, withdrawals
• M)Joy Partner's, withdrawals
• N)Income summary
• O)Service revenue
• P)Gain on realization
• Q)Loss on realization

---

Definitions:

Gissel Bargaining Order

A directive issued by the National Labor Relations Board requiring an employer to bargain with a union that hasn't won a certified election, but where worker support has been demonstrated.

Steelworkers Trilogy

A set of three landmark labor law cases decided by the United States Supreme Court in 1960, which greatly expanded the role of arbitration in resolving labor disputes.

Bargaining Issue Determination

The process of identifying and defining the specific subjects or matters to be negotiated or discussed between parties, typically in the context of labor relations.

Direct Dealing

The negotiation process between employers and employees (or their representatives) without the involvement of third-party mediators or arbitrators.