Which of the following statements is true of an Income Summary account?

a.It is the balancing or offsetting account in the adjustment of only Merchandise Inventory.

b.It is the balancing or offsetting account in the adjustment of assets and liabilities accounts.

c.It is used to record closing entries for businesses.

d.It is used to record opening entries for businesses.

Which of the following statements is true of the presentation of merchandise inventory in a work sheet?

a.The amount on the Income Summary line in the Income Statement Debit column of a work sheet is the beginning merchandise inventory.

b.The amount on the Income Summary line in the Income Statement Debit column is the merchandise inventory sold during the fiscal period.

c.The amount on the Income Summary line in the Income Statement Credit column is the merchandise inventory sold during the fiscal period.

d.The amount on the Income Summary line in the Income Statement Credit column is the beginning merchandise inventory.

Which of the following transactions is an example of unearned revenues?

a.A manufacturing company dispatched goods to customers.

b.An insurance company entered into a contract.

c.An insurance company received premium in advance.

d.A manufacturing company launched a new product series.

Erin Company has the following account balances:

Account Name	Balance
Sales	$530,250
Sales Returns and Allowances	5,320
Sales Discounts	2,570

Which of the following is the correct recording of these account balances on the Income Statement columns of Erin Company's work sheet?

a.Record the account balances on the work sheet as $5,320 and $2,570 in the Income Statement Credit column and $530,250 in the Income Statement Debit column.

b.Record the account balances on the work sheet of $5,320 and $2,570 in the Income Statement Debit column and the balance of Sales of $530,250 in the Income Statement Credit column.

c.The balance of Sales after deducting the balance of Sales Returns and Allowances and Sales Discounts of $522,360 in the Income Statement Debit column and no amount in the Income Statement Credit column.

d.Record the balance of Sales of $530,250 on the work sheet in the Income Statement Credit column and no amount in the Income Statement Debit column.

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