Woods Company Earned Revenues of $12,000 and Incurred Expenses of $9,500.The

question 193

Multiple Choice

Woods Company earned revenues of $12,000 and incurred expenses of $9,500.The owner,Woods,withdrew $3,000.What is the balance in the Income Summary account after closing net income or loss to the Woods,Capital account?

• A) debit balance of $12,000
• B) credit balance of $9,500
• C) credit balance of $2,500
• D) balance of $0

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Definitions:

Bronchiole

A small airway in the respiratory tract that leads from the bronchus to the alveolar ducts.

Small

Of a size that is less than normal or usual.

Osteoclasis

The surgical breaking of a bone to correct a deformity.

Break

A pause or interval for rest or to interrupt a continuity.