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...

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