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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Definitions:

G. Stanley Hall

An American psychologist and educator, known as a pioneer in the study of child development and in the establishment of educational psychology.

Interacting Factors

Elements or conditions that affect each other's presence or intensity, often contributing to the complexity of outcomes in studies or real-life scenarios.

Behaviour

The way an individual or system behaves or responds to external or internal triggers.

Psychologists

Professionals who study cognitive, emotional, and social processes and behavior by observing, interpreting, and recording how individuals relate to one another and to their environments.