Question: The income summary has a zero balance after which step in the closing process a. Step 2 b. Step 3 c. The income summary is
The income summary has a zero balance after which step in the closing process
| a. | Step 2
| |
| b. | Step 3
| |
| c. | The income summary is permanent and therefore not closed | |
| d. | Step 4
| |
| e. | Step 1 |
On June 30, the Cash account of Majeau Company had a normal balance of $4,300. During July the account was debited for a total of $3,400 and credited for a total of $3,600. What was the balance in the Cash account on August 1?
| a. | $4,100 debit
| |
| b. | $4,100 credit
| |
| c. | $3,400 debit
| |
| d. | $3,400 credit
| |
| e. | $-0 |
A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is
| a. | recorded as a credit to an unearned revenue account
| |
| b. | recorded as a credit to a prepaid expense account
| |
| c. | recorded as a debit to a prepaid expense account
| |
| d. | recorded as a debit to an unearned revenue account
| |
| e. | not recorded in the accounting records |
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts