TheentrytocloseCommissionRevenuewouldbe:
A. RetainedEarningsCommissionRevenue
B. CommissionRevenuedoesnotneedtobeclosedout
CommissionRevenueServiceRevenue
D. CommissionRevenueRetainedEarnings
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Acompanypurchasedmedicalequipmentfor$100,000onJanuary1,2009.Thecompanydeterminedthattheyearlydepreciationexpenseis$10,000.AtDecember31,2012,thebookvalueoftheassetis:
A. $10,000.
B. $40,000.
C. $60,000.
D. $100,000.
Thebalancesheetreports:
A. assets,liabilitiesandstockholders'equity.
B. thechangesinretainedearnings.
C. assets,liabilities,revenuesandexpenses.
D. revenuesandexpenses.
Whichofthefollowingaccountsareconsideredpermanentaccounts?
A. InventoryandCostofGoodsSold
B. LandandAccountsReceivable
C. AccountsPayableandRevenue
D. CommonStockandSalaryExpense
Closingentriestransfernetincomeorlossanddividendspaidto:
A. Paid-inCapital.
B. NetIncome.
CommonStock.
D. RetainedEarnings.
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