Which of the Following Accounts Will Be Debited in the Closing

question 174

Multiple Choice

Which of the following accounts will be debited in the closing entry at the end of the year?

• A) Rent Expense
• B) Fees Earned
• C) Unearned Fees
• D) Depreciation Expense

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Definitions:

Cash Disbursements

Payments made in cash by a business, including expenses, debt payments, and dividend distributions.

Raw Materials

The basic materials and components used in the manufacturing process of products.

Budgeted Production

An estimation of the quantity of goods that a company plans to produce over a specific period, based on forecasted demand and inventory needs.

Raw Materials

Basic materials that are used in the manufacturing process to produce finished goods.