Which of the Following Is the BEST Example of a B2B

question 97

Multiple Choice

Which of the following is the BEST example of a B2B market transaction?

• A) A college student buys dorm furniture from an on-campus store.
• B) A group of teenage girls buy new clothes for the upcoming school year.
• C) A high-school coach borrows sports equipment from a neighboring school.
• D) A dentist provides free toothbrushes to patients.
• E) A chain of ice cream parlors regularly purchases napkins from the same supplier.

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Definitions:

Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, preparing for the next period.

Pre-closing Trial Balance

A financial report listing all the account balances in the general ledger before adjusting entries are made for the preparation of financial statements.

Closing Entries

The accounting process of transferring temporary account balances to permanent accounts at the end of an accounting period.

Journalizing

The process of recording transactions in a journal before they are posted to ledger accounts.