Closing Entries Result in Net Income Being Transferred to

question 129

Multiple Choice

Closing entries result in net income being transferred to

• A)a revenue account.
• B)the cash account.
• C)the contributed capital account.
• D)the retained earnings account.

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Definitions:

Conquistadors

Spanish explorers and soldiers who conquered significant portions of the Americas and other lands during the 15th to 17th centuries.

Encomiendas

A labor system in colonial Latin America granting colonists the right to demand tribute and forced labor from Indigenous peoples.

Missionaries

Individuals who are sent to promote their religion in a foreign country through preaching, education, and other activities intended to convert others.

Mexica People

The Mexica people, also known as the Aztecs, were a Nahuatl-speaking indigenous people of the Valley of Mexico who built an extensive empire in central Mexico in the 14th, 15th, and 16th centuries before being conquered by the Spanish.