There Are Two Closing Entries

question 204

Multiple Choice

There are two closing entries. The first one is to close _____; the second one is to close _____.

• A) revenues and expenses, the drawing account
• B) revenues, expenses and the drawing account
• C) revenues, expenses
• D) the drawing account, revenues

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Definitions:

Warner Music Group

A major global music company involved in the discovery, development, and dissemination of recorded music and publishing rights.

Universal Music Group

A global music corporation that operates a array of businesses engaged in recorded music, music publishing, and merchandising.

Hulu

A subscription-based streaming service offering a wide range of TV shows, movies, and original content, available primarily in the United States.

Verizon

An American multinational telecommunications company, known for its wireless products and services.