QUESTION 10The income statement for the year 2011 of SQU containsNot yet answeredthe following information: Revenues $63,000; Expenses$66,150. The entry to close Income Summary to RetainedMarked out of1.00P Flag questionEarnings includesSelect one:a. Credits to Expenses totaling $66,150.b. A debit to Retained Earnings for $3,150.cA debit to Revenue for $63,000.d. A debit to Income Summary for $3.150.口□口口

Closing entries are the journal entries that an organization records at the end of an accounting…

The income statement for the year 2011 of SQU contains the following information: Revenues $63,000; Expenses $66,150. The entry to close Income Summary to Retained Earnings includes Select one: a. Credits to Expenses totaling $66,150. b. A debit to Retained Earnings for $3,150. c.A debit to Revenue for $63,000. d. A debit to Income Summary for $3.150.

The income statement for the year 2011 of SQU contains the following information: Revenues $63,000; Expenses $66,150. The entry to close Income Summary to Retained Earnings includes Select one: a. Credits to Expenses totaling $66,150. b. A debit to Retained Earnings for $3,150. c.A debit to Revenue for $63,000. d. A debit to Income Summary for $3.150.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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