The First Two Closing Entries to the Income Summary Account

question 64

Multiple Choice

The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000.The third closing entry would be

• A) debit Capital $11,000;credit Income Summary $11,000.
• B) debit Income Summary $11,000;credit Capital $11,000.
• C) debit Revenue $64,000;credit Expenses $53,000.
• D) debit Income Summary $11,000;credit Drawing $11,000.

Distinguish between confounding, extraneous, and control variables in research.

Interpret operational definitions in the context of psychological experiments.

Analyze the significance of correlations and their implications in psychological research.

Evaluate the importance of ethics and unbiased observations in developmental psychology research.

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Definitions:

Marital Status

A legally defined condition of an individual in relation to marriage, such as single, married, divorced, or widowed.

Socioemotional Selectivity Theory

A theory that suggests individuals prioritize different types of goals and social interactions as they age, focusing more on meaningful, emotionally satisfying relationships.

Social Convoy Theory

A theory suggesting that individuals go through life surrounded by a group of people (a "convoy") who provide social support, which can change in size and composition over time.

Relationships

Connections or associations between two or more people, which can be based on friendship, love, solidarity, or other social commitments.