Jackson Services Company Earned Revenues of $104,000,incurred Expenses of $113,000

question 54

Multiple Choice

Jackson Services Company earned revenues of $104,000,incurred expenses of $113,000.The owner made withdrawals of $4,000.There were no new capital contributions during the year.The company is a sole proprietorship.Which of the following statements is correct?

• A) A debit is needed to zero out the balance of the Income Summary account.
• B) Jackson, Capital will decrease $13,000.
• C) Jackson has incurred a net loss of $5,000.
• D) When compared to a business that earned net income, the only closing entry that differs is the one to close the owner's withdrawals.

---

Definitions:

Nazi-Controlled

Related to or governed by the National Socialist German Workers' Party, especially during the Third Reich in Germany from 1933 to 1945.

Jews Killed

Refers to historical events where Jewish people were targeted and killed due to religious or ethnic persecution.

Charismatic Organizations

Groups or entities led by individuals who possess charismatic authority, inspiring devotion and followings based on personal qualities and charisma.

Bureaucracies

Complex organizational structures with strict rules, procedures, and hierarchies intended to manage large-scale administrative tasks efficiently.