To Which of the Following Accounts Should the Balance in the Income

question 71

Multiple Choice

To which of the following accounts should the balance in the Income Summary account be closed?

• A) Owner, Withdrawals
• B) Net Income
• C) Owner, Capital
• D) Service Revenue

Calculate the ending owner's equity of a business after closing revenues, expenses, and withdrawals.

Determine the impact of closing entries on the Income Summary account.

Understand the preparation of final statements from the worksheet post adjustments and closings.

Recognize the sequence of steps in the accounting cycle.

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Definitions:

Dopamine

A neurotransmitter in the brain that plays a crucial role in reward, motivation, and motor control.

Drug Molecule

A drug molecule is a chemical compound that has therapeutic effects or can be used in the development of pharmaceuticals.

Neurotransmitter's Action

involves the process by which neurotransmitters, which are chemical messengers, are released by neurons to transmit signals across synapses to other neurons, muscles, or glands.

Antagonist

In pharmacology, a substance that acts against and blocks an action by attaching to and inhibiting the function of receptors in the body. In literature, a character who opposes the protagonist.