Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. waterfall, inc. has reported a net loss for 2017 o

Waterfall, Inc. has reported a net loss for 2017 of $35,072. Which of the following...

60.1K

Verified Solution

Question

Accounting

Waterfall, Inc. has reported a net loss for 2017 of $35,072. Which of the following closing entries would Waterfall Inc. make during the 2017 closing process?

Please explain answer

a. Debit: Income Summary$35,072 b. Debit: Service Revenue.$35,072 Credit: Service Revenue.$35,072 Credit: Income Summary...$35,072

c. Debit: Income Summary..$35,072 d. Debit: Retained Earnings$35,072

Credit: Retained Earnings..$35,072 Credit: Income Summary.......$35,072

image

Waterfall, Inc. has reported a net loss for 2017 of $35,072. Which of the following closing entries would Waterfall Inc. make during the 2017 closing process? a. Debit: Income Summary..$35,072 Credit: Service Revenue...$35,072 b. Debit: Service Revenue..$35,072 Credit: Income Summary...$35,072 d. Debit: Retained Earnings...$35,072 Credit: Income Summary...$35,072 c. Debit: Income Summary..$35,072 Credit: Retained Earnings..$35,072

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

                Period       VariablesCurrentProjectedCurrentProjectedCurrentProjectedSales$100,000$12                Period       VariablesCurrentProjectedCurrentProjectedCurrentProjectedSales$100,000$120,000AssetsLiab.&Own -ers’ Equ.Cost$ 75,000Short Term$60,000Debt$40,000Net IncomeLong Term$20,000Equity$40,000As we said in class all models are...

Finance
1.2K views

Suppose that A is an individual investor and OL represents other investors. All the investors who...

Biology
1.2K views

What were Patterson's three different tests for morphological homology? Define parallelism, serial homology, and convergence and in...

General Management
1.2K views

What issue or challenge the retailer wished to solve, how they used the technology and the...

Basic Math
1.2K views

Find the Fourier series of f on the given interval f x ex f x...

Algebra
1.2K views

3 Find the coordinate vector of w 0 1 relative to the basis S 1...

Accounting
1.2K views

Problem: Module 2 Textbook Problem 14 Learning...

Accounting
1.2K views

Financial information for six companies is provided below. Match each column to the correct firm....

Accounting
1.2K views

Research Project Requirements: At least 2 FULL pages of text Double spaced, 12pt font, Arial...

Accounting
1.2K views

A company issued 165 shares of $100 par value common stock for $17,500 cash. The...

Accounting
1.2K views

Complete this question by entering your answers in the tabs below. Req 1 Req 2...

Finance
1.2K views

What is the main assumption to put on a carry trade?