Which Permanent Account Is Affected by the Closing Entries

question 119

Multiple Choice

Which permanent account is affected by the closing entries?

• A)Income Summary
• B)Common Shares
• C)Retained Earnings
• D)Cash

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Definitions:

Randall Collins

is a sociologist known for his theories on interaction ritual chains and conflict sociology, focusing on the dynamics of social interaction and structural change.

Substantive Rationality

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Lifeworld

A term in philosophy and social sciences referring to the individual's personal world of experience and meaning separate from systemic structures.

Micro Social Phenomena

refers to the small-scale social events and interactions between individuals or small groups that contribute to the larger societal structure.