Use This End-Of-Period Spreadsheet to Answer the Questions That Follow

question 39

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.
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-The journal entry to close revenues would be:

• A) debit Income Summary, $155,000; credit Fees Earned, $155,000
• B) debit Common Stock, $155,000; credit Fees Earned, $155,000
• C) debit Fees Earned, $155,000; credit Income Summary, $155,000
• D) credit Fees Earned, $155,000; credit Common Stock, $155,000

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Definitions:

Social Identity Theory

A psychological framework that posits individuals derive part of their self-concept from their perceived membership in social groups.

Social Categories

Groups of people sharing common characteristics, often used to classify individuals based on aspects like race, gender, or religion.

Attributing Behavior

The process of inferring the reasons behind others' actions and behaviors.

Internal Causes

refer to factors within an individual, such as personal beliefs or emotions, that influence their behavior or actions.