At the End of the Accounting Period,but Before Closing Entries

question 121

Multiple Choice

At the end of the accounting period,but before closing entries are made,Harry,the proprietor of Harry's Bar and Grill,has a debit balance of $24,500 in his drawing account and a credit balance of $72,300 in his capital account.Which of the following statements is true?

• A)Harry's net income was $47,800.
• B)In closing,Harry will debit the drawing account for $24,500 and credit the capital account for $24,500.
• C)In closing,Harry will debit the capital account for $24,500 and credit the drawing account for $24,500.
• D)Harry's retained earnings account was $47,800.

Understand the conditions under which a binomial distribution can be used.

Analyze real-world scenarios using probability distributions to determine outcomes.

Grasp the concept of discrete probability distributions.

Apply probability theory to determine outcomes of experiments with specified conditions.

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Definitions:

Morpheme

The smallest grammatical unit in a language, incapable of further division, that carries meaning; examples include root words, prefixes, and suffixes.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, including word order and sentence organization.

Phoneme

A Phoneme is the smallest unit of sound in a language that can distinguish meaning between words.

Preference

A greater liking for one alternative over another or others.