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

question 72

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.
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-The entry to close Income Summary would be

• A) debit Common Stock, $50,000; credit Income Summary, $50,000
• B) debit Income Summary, $155,000; credit Common Stock, $155,000
• C) debit Income Summary, $50,000; credit Retained Earnings, $50,000
• D) debit Common Stock, $9,000; credit Income Summary, $9,000

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Definitions:

Personal Development

Activities that improve awareness, talents, and potential, contributing to building human capital and employability.

Organizational Objectives

The specific, measurable goals that an organization aims to achieve to fulfill its mission and advance its strategic plan.

Total Quality Management (TQM)

An organization-wide approach aiming at continuous improvement of all processes, products, services, and culture to achieve long-term success through customer satisfaction.

Productive Workforce

A group of employees that efficiently achieves high levels of output and contributes significantly to the organization's goals.