Answer / satyanarayana raju

To speed up journalisation of transactions accounts were
brodly clasified into 5 catogories
Group Rules for Debit and Credit

1.Capital Credit increases debit decreases
2.Liabilities Same as above
3.Incomes and Gains Same as above
4.Assets Debit increases and Credit decreases
5.Expenses and losses Same as above

40. If revenue was $70,000, expenses were $59,000, and the owner’s withdrawals were $25,000, the amount of net income or net loss was: a) net income of $11,000 b) Net income of $36,000 c) Net loss of $59,000 d) Net income of $70,000

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Expand----------KIOCL

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EXPAND___________JPEG

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