Use This Information from the Income Statement Columns of the Work

question 60

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 Income Summary includes a

• A)
• \(\begin{array}{c}
• \text { Income Summary }&2,500 \\
• &\text { Retained Earnings }&2,500
• \end{array} \)
• B)
• \(\begin{array}{l}
• \text { Common Stock } &700\\
• &\text { Income Summary }&700
• \end{array}\)
• C)
• \(\begin{array}{l}
• \text { Income Summary } &700\\
• &\text { Retained Earnings }&700
• \end{array}\)
• D)
• \(\begin{array}{l}
• \text { Income Summary }&700 \\
• &\text { Common Stock }&700
• \end{array}\)

---

Definitions:

Genogram

A graphical representation of a person's family relationships and medical history over multiple generations, used in medicine and psychology.

Family Members' Relationships

This refers to the dynamic interactions and bonds between members within a family system.

Family Genogram

A graphical representation of a person's family relationships and medical history over multiple generations, often used in counseling and social work.

Enmeshed

A term describing overly close and boundary-less relationships where individual identities become blurred.