You Collect Model Airplanes

question 125

Multiple Choice

You collect model airplanes. One particular model is currently valued at $275. If this model increases in value by 5% annually, it will be worth ____ six years from now and _____ twelve years from now.

• A) $368.01; $442.89
• B) $368.01; $461.34
• C) $368.53; $442.89
• D) $368.53; $467.08
• E) $368.53; $493.86

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Definitions:

Closing Entries

Bookkeeping records created at the conclusion of a financial period to move balances from temporary to permanent accounts, thereby readying the organization's financial records for the forthcoming period.

Adjusted Trial Balance

A compilation of all corporate accounts set to feature in the financial reports post adjustments for journal entries.

Debit Total

The debit total represents the sum of all debit entries recorded in an account during a financial period.

Credit Total

The sum of all credit entries in an account or financial transaction.