James Service Company Earned Revenues of $100,000 and Incurred Expenses

question 22

Essay

James Service Company earned revenues of $100,000 and incurred expenses of $107,000.Prepare the entry to close the Income Summary account.

---

Definitions:

Treatment Groups

In experimental research, groups of participants receiving the intervention or treatment being tested, as opposed to control groups which receive no treatment or a placebo.

Experimental Research

A research method that investigates causal relationships by manipulating one variable to see its effect on another, under controlled conditions.

Independent Variable

The variable that is manipulated in an experiment to test its effects on the dependent variable.

Dependent Variable

A variable in an experiment that is expected to change in response to manipulations of the independent variable.