A company had the following selected balances: Account Debit Credit Service Revenue $8,000 Rental Revenue $2,000 Wages Expense $500 Utilities Expense $100 The third closing journal entry, after closing revenues and expenses, would include which of the following? Multiple choice question. Debit Income Summary $9,400; and credit Retained Earnings $9,400. Debit Income Summary $10,000; and credit Retained Earnings $10,000. Credit Income Summary $9,400; and debit Retained Earnings $9,400. Debit Income Summary $600; and credit Expenses $600.

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. ( t or f)

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.

Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways