The Third Step in the Closing Process Is to Transfer

question 79

Multiple Choice

The third step in the closing process is to transfer the balance in which of the following accounts to the permanent owner's equity account?

• A) Revenue
• B) Expense
• C) Income Summary
• D) Owner's Capital

Understand the evolution of media stereotypes of police from protectors to oppressors.

Recognize the role of media in promoting moral panics and their impact on public perception.

Identify victim-blaming and slut-shaming in media portrayals of sexting privacy violations.

Understand how media manipulation and bias can erode public trust and impact ethical journalism.

---

Definitions:

Sales Revenue

Income received from selling goods or services over a period of time.

Total Assets

Total assets encompass all the resources owned by a company, valued in monetary terms, which include both current and noncurrent assets.

Unadjusted Trial Balance

A report listing all the accounts and their balances before any adjusting entries are made, used to check the equality of debits and credits.