The Income Summary Account Has Debits of $85,000 and Credits

question 63

Multiple Choice

The Income Summary account has debits of $85,000 and credits of $75,000.The company had which of the following:

• A)Net income of $10,000.
• B)Net income of $160,000.
• C)Net loss of $10,000.
• D)Net loss of $160,000.

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Definitions:

Encoding

The process by which the brain converts information into a form that can be stored in memory, an initial step in memory formation.

Memory Traces

Theoretical constructs representing the physical record of memories in the brain, also known as engrams.

Nonsense Syllables

Sequences of letters that do not form known words, used in memory and learning experiments to study the processes of encoding and recall.

Hermann Ebbinghaus

A German psychologist who is best known for his research on memory and the forgetting curve.