From the Following Items in the Income Statement Columns of the Worksheet

question 19

Essay

From the following items in the income statement columns of the worksheet of Monaghan Company at December 31,prepare the closing entries without explanation,assuming that a $500 withdrawal was made during the period.

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Definitions:

Behaviorism

The (philosophical) thesis that there are no mental events (or that they are of no scientific importance). What we call by mentalistic names (pains, emotions, motives) are actually patterns of behavior, misnamed and mistakenly supposed to be inner, “ghostly” occurrences.

Mental

Pertaining to the mind or to mental states, processes, and faculties.

Nature

The physical world and everything in it that is not made by human beings, including plants, animals, and landscapes.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of their own self-interest often leads to beneficial effects for the society as a whole.