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.

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Definitions:

Electronic Medical Record

A digital version of a patient's paper chart, containing their medical history, diagnoses, medications, treatment plans.

Progress Note

A record kept by healthcare professionals detailing the clinical status or achievements of a patient during a hospital stay or outpatient visit.

Correction Tab

A feature or a tool typically found in word processors and text editors used for making corrections in a document.

Meaningful Use

With reference to health care records, this term is used by government agencies to refer to the way in which medical record information is employed in order to provide a means for improving patient care and patient outcomes through evaluating treatment patterns and verifying necessity of medical procedures performed; determines the way in which electronic health record (EHR) technologies must be implemented and used for a provider to be eligible for the EHR Incentive Programs and to qualify for incentive payments.