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:

Consumer Financial Protection Bureau

A federal agency in the United States responsible for consumer protection in the financial sector.

Regulatory Action

Steps or interventions taken by a government agency to enforce rules, regulations, or laws, usually to protect public interest.

Hidden Fees

Charges or costs that are not disclosed upfront or are difficult to find in the terms of an agreement or contract.

Federal Trade Commission

An independent agency of the United States government, established in 1914 to prevent unfair methods of competition and unfair or deceptive acts or practices in commerce.