【单选题】Before any month-end adjustments are made, the net income of ABC company is $125,000. However, the following adjustment is necessary: the unearned revenue has been earned for 25000. After adjusting en...
【单选题】For the adjusting accounts for fixing revenue like the following entry:Unearned Fixed Revenue……2000Fixed Revenue……………2000NOT the adjustment would __________ revenue and net income by $2000 in t...
【单选题】Company ABC performed well in year 2019 and made a large amount of net income. On December 31, 2019, the company used the income summary account to close the revenue and expense accounts. Which of the...
A.
After the revenue and expenses accounts were closed, there was a zero balance in the Income summary account.
B.
After the revenue and expense accounts were closed, there was a credit balance in the Income summary account.
C.
The balance of the Income summary account can be debit or credit depending on the company’s accounting policy.
D.
After the revenue and expense accounts were closed, there was a debit balance in the Income summary account.