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:

Stop Payment

An instruction to a bank by an account holder not to pay or honor a check that has been issued from their account.

EFT Charges

Charges or fees associated with Electronic Funds Transfer, which is the electronic transfer of money from one bank account to another.

Unauthorized Payment

A transaction completed without the approval or consent of the account holder.

Personal ID Number

A unique numerical identifier assigned to an individual to facilitate personal identification and secure access to financial accounts or systems.