Multiple choice

1. The _____is/are transferred from the income statement to the statement of owner's equity.

 a. ending capital

 b. withdrawals

 c. net income

 d. beginning capital 

2. Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account prior to closing net income or net loss?

 a. $2,900 debit

 b. $300 debit

 c. $2,900 credit

 d. $300 credit 

3. Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account after all closing entries are completed?

 a. $2,600 credit

 b. $2,900 debit

 c. $2,900 credit

 d. $ -0- 

4. The balance in the Accumulated Depreciation account must be:

  a. $8,050

 b. $10,200

 c. $65,250

 d. impossible to determine with this data