If L Green's Total Revenue for the Year Was $38,000 and and Total

question 9

Multiple Choice

If L. Green's total revenue for the year was $38,000 and total expenses were $30,000, the third closing entry would be

• A) debit Income Summary; credit L. Green, Capital.
• B) debit L. Green, Capital; credit Income Summary.
• C) debit Income Summary; credit Income from Services.
• D) debit Income from Services; credit Income Summary.
• E) debit L. Green, Capital; credit L. Green, Drawing.

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Definitions:

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Shared Value View

A business strategy concept focusing on identifying and expanding the connections between societal and economic progress.

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Systems composed of interacting, adaptive agents able to respond to changes in their environment in a complex, non-linear way.

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