The Information Needed in Journalizing the Closing Entries Is Obtained

question 66

Multiple Choice

The information needed in journalizing the closing entries is obtained from the

• A) accounts receivable ledger.
• B) general journal.
• C) work sheet.
• D) income statement.

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Definitions:

Cash Crop

Agricultural crops grown primarily for sale to return a profit, such as cotton, tobacco, and sugar, rather than for personal use by the farmers.

Sugar

A sweet-tasting, crystalline substance, primarily sucrose, obtained from various plants like sugarcane and sugar beet, widely used as a sweetener in food and drinks.

Indian Slaves

Indian slaves refer to the indigenous peoples of the Americas who were enslaved by European colonists through conquest, trade, or raiding from the early colonial period onwards.