An entry to ______must be recorded at the end of the year.
A) Transfer Net Income into the Owner's Capital account
B) Transfer Net Income into the Checking account
C) Close the adjusting entries for prepaid expenses
D) Write a check to the owner for the amount of Net Income
Correct Answer:
Verified
Q2: To close income and expense accounts, you
Q3: Reconciling a bank statement can help in
Q4: Adjusting entries are prepared for_ .
A)Prepaid Expenses
B)Depreciation
C)Drawing
D)Both
Q5: When an owner works in a business,
Q7: Additional investments in the business may be
Q8: When the Checking account and the bank
Q9: There are three tabs available on the
Q24: QuickBooks Online uses the cash-basis of accounting
Q29: QuickBooks Online automatically transfers Net Income into
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