Use the Following Account Balances from the Adjusted Trial Balance

question 33

Multiple Choice

Use the following account balances from the adjusted trial balance columns of Goody Chocolate's worksheet to answer below question. Using the adjusted trial balance above,select the correct closing entry that Goody Chocolate would make to close the expense accounts (and cost of goods sold accounts with debit balances) at the end of the accounting period.

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Definitions:

Confidential Records

Information or documents that are not to be disclosed to unauthorized individuals due to privacy, legal, or security considerations.

Security

A financial instrument designated as a note, stock, or bond or any other instrument named in the Securities Act of 1933.

Basic Needs

Fundamental requirements necessary for individuals to live a healthy and relatively comfortable life, such as food, water, shelter, and clothing.

Justice

The concept of moral rightness based on ethics, law, fairness, and equity, extending also to the determination of just punishment for wrongdoing.