Use This Information from the Income Statement Columns of the Work

question 45

Multiple Choice

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question. $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {Income Statement }$
$\begin{array}{|l|r|r|}\hline&\text { Debit }& \text { Credit }\\ \hline \text { Laundry Revenue } & & 2,500 \\\hline \text { Wages Expense } & 750 & \\\hline \text { Rent Expense } & 500 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Insurance Expense } & 200 & \\\hline \text { Income Taxes Expense } & 50 & \\\hline & 1,800 & 2,500 \\ \text { Net Income } & 700 & \\\hline & 2,500 & 2,500 \\\hline\end{array}$ The entry to close the Laundry Revenue account includes a

• A)
• \(\begin{array}{llr}
• \text {Laundry Revenue } &2,500\\
• \text { Income Summary } &&2,500\\
• \end{array}\)
• B)
• \(\begin{array}{llr}
• \text {Income Summary } &2,500\\
• \text { Laundry Revenue} &&2,500\\
• \end{array}\)
• C)
• \(\begin{array}{llr}
• \text { Retained Earnings } &2,500\\
• \text {Income Summary } &&2,500\\
• \end{array}\)
• D)
• \(\begin{array}{llr}
• \text { Retained Earnings } &2,500\\
• \text {Laundry Revenue } &&2,500\\
• \end{array}\)

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Identify the distinctive characteristics and importance of the umami taste.

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Definitions:

Market Rate

The prevailing rate at which a specific asset can be bought or sold in the marketplace, often influenced by supply and demand.

Simple Interest

Interest charged exclusively on the principal sum, or on the part of the principal that has not been paid yet.

Investment Builder

A financial tool or account that aids individuals in growing their savings through various types of investments.

Term Deposit

A fixed-term investment held at a financial institution that pays interest until a specified maturity date.