If a Case Containing 12 Cans of Whole Peeled Tomatoes

question 21

Multiple Choice

If a case containing 12 cans of whole peeled tomatoes costs $28.80, what is the unit cost?

• A) $2.20
• B) $2.30
• C) $2.40
• D) $2.10

---

Definitions:

Closing Entry

Journal entries used to transfer temporary account balances to permanent accounts and to reset the balances of temporary accounts to zero at the end of each accounting period.

Revenue Accounts

Accounts used to record the income generated from a company’s core operating activities.

Expense Accounts

These are ledgers that track the costs incurred by a business during its operations, excluding the purchase of inventory.

Income Summary Account

A temporary ledger account used to transfer the balances of all revenue and expense accounts at the end of an accounting period to determine the net income or loss.