Use the following information from the Income Statement of the Dirt Poor Laundry Service for...
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Accounting
Use the following information from the Income Statement of the Dirt Poor Laundry Service for questions 6. (1 pt) The entry to close the Income Summary includes a A) credit to Income Summary for $2,450. B) debit to Income Summary for $2,450. C) debit to Retained Earnings for $2,450. D) credit to Common Stock for $2,450. 7. (1 pt) The entry to close the Laundry Service Revenue account includes a A) debit to Laundry Service Revenue for $4,500. B) credit to Laundry Service Revenue for $4,500. C) debit to Income Summary for $4,500. D) debit to Retained Earnings for $4,500. 8. (1 pt) Blank checks A) should be safeguarded. B) should be pre-signed. C) do not need to be safeguarded since they must be signed to be valid. D) should not be pre-numbered. 9. (1 pt) Joe Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inventory items, and authorizing the payment for these items. Which internal control principle, if any, is being violated? A) None, Joe has proven to be trustworthy and has enough experience to do a good job. B) Documentation procedures C) Establishment of responsibilities D) Segregation of duties
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