ACC 205 Quiz 2 - 1. Which of the following accounts will be...

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1. Which of the following accounts will be closed by crediting the Income summary account? (Points : 1) Service revenue Depreciation expense Accounts payable Accumulated depreciation 2. Which of the following accounts will be closed by debiting the Income summary account? (Points : 1) Depreciation expense Accounts payable Service revenue Accumulated depreciation 3. To what account is the balance in the Income summary account closed? (Points : 1) The Withdrawal account The net income account The Capital account The Revenue account 4. Net income (loss) is the difference between the total debits and the total credits in the income statement columns. (Points : 1) True False 5. Prepaid rent is an expense account. (Points : 1) True False 6. Revenues total $10,200. Expenses total $7,300. Withdrawals total $2,600. What is the balance in the Income summary account after closing Net income or loss to the Capital account? (Points : 1) Debit balance of $2,900 Credit balance of $300 Credit balance of $2,900
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

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ACC 205 Quiz 2 - 1. Which of the following accounts will be...

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