1. Which of the following accounts will be closed by debiting the Income Summary

ID: 2490139 • Letter: 1

Question

1. Which of the following accounts will be closed by debiting the Income Summary account?

Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?

The company incurred a net loss.

When inventory costs are declining, which of the following inventory costing methods will result in the highest cost of goods sold?

first-in, first-out

Which of the following inventory costing methods uses the costs of the oldest purchases to calculate the value of the ending inventory?

first-in, first-out

Notes Payable due within two years are classified as ________.

A. Owner, Capital B. Service Revenue C. Accounts Receivable D. Salaries Expense

Ans:1 Service Revenue Ans2 The co. made a net profit Ans3 first in first out Ans 4 frist in first out Ans5 Long term Liability

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.