In Each of the Following Situations, What Is the Amount

question 69

Essay

In each of the following situations, what is the amount of profit or loss? In each situation, what account will be debited and credited, and for what amount, in the journal entry to close the Income Summary account?
1. The total of the debit column in the Income Statement section of the worksheet was $94,000 and the total of the credit column in that section was $104,000.
2. The total in the debit column of the Income Statement section was $200,000 and the total of the credit column was $100,000.
3. The total of the debit column in the Balance Sheet section was $53,000 and the total of the credit column in that section was $55,000.

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Definitions:

Personality Trait

Enduring characteristics that describe an individual's usual patterns of behavior, thoughts, and feelings.

Durable Disposition

A lasting personality trait or characteristic that remains consistent over time and across situations.

Particular Way

A specific manner or method of doing something.

Personality Theorists

Researchers who study patterns of thoughts, feelings, and behavior that make a person unique.