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How do I find out what the net income is, when it is not stated. I Know that net income= revenues-expenses, and that profit margin = net income/sales. I have the expenses figures, but not the...

If I bought two new saws on credit at $375 each on Wctober 1, what would be the journal entry to record on October 1.

I think it is:
$750 debit, Cash; 750 credit, Tool Rental Expense.

Which entries properly closes a temporary account?

Debit Dividends; credit Retained earnings;
Debit Income Summary;credit Rent Expense;
Debit Accumulated Depreciation; debit Income Summary; or...

I have a balance of $450 debit-prepaid insurance. The insurance policy is dated December 1; the monthly insurance cost is $50.

I have a balance of $20,000-cameras. The cameras were purchased...