The normal balance of Income Summary is:
A) debit.
B) credit.
C) The account does not have a normal balance.
D) It depends on the change of the inventory balance.
Correct Answer:
Verified
Q1: The first entry to adjust Merchandise Inventory
Q2: Unearned Rent is what type of account?
A)
Q3: The second entry to adjust Merchandise Inventory
Q4: Tim received $3,000 in advance for renting
Q6: Net Income equals:
A) Net Sales - Cost
Q7: Ending inventory:
A) increases Cost of Goods Sold.
B)
Q8: As Unearned Rent Revenue is earned, it
Q9: If $6,700 was the beginning inventory, purchases
Q10: Unearned Rent Revenue results because:
A) no fee
Q11: Sam received $8,000 in advance for renting
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