The Balance in the J

question 91

Multiple Choice

The balance in the J. Higgins, Withdrawals account was $4,700. The entry to close the account would include a

• A) debit to Income Summary, $4,700.
• B) credit to Income Summary, $4,700.
• C) debit to J. Higgins, Capital, $4,700.
• D) debit to J. Higgins, Withdrawals, $4,700.

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Definitions:

Collective Action Problem

A situation where individuals in a group fail to achieve a common or collective goal because they prioritize their personal interests.

Logrolling Behavior

A practice in politics where individuals or parties exchange favors for mutual benefit, often seen in legislative voting processes.

Inefficient Policies

Government or organizational policies that do not achieve the intended outcomes effectively or result in wasteful use of resources.

Political Victories

Achievements in the political arena, such as winning elections or successfully passing legislation.