Use the Following End-Of-Period Spreadsheet to Answer the Questions That

question 192

Multiple Choice

Use the following end-of-period spreadsheet to answer the questions that follow.
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-Use the end-of-period spreadsheet for Finley Company. The expenses would be closed by

• A) debiting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000
• B) debiting Expenses for $105,000
• C) crediting Expenses for $105,000
• D) crediting Wages Expense for $63,000, Rent Expense for $27,000, and Depreciation Expense for $15,000

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Definitions:

Economic Infrastructure

The physical and organizational structures necessary for the operation of a society or enterprise, such as transportation, communication networks, and financial systems.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

Licensing

The legal process by which a licensor grants the licensee the rights to use, produce, or sell its intellectual property in return for payment or royalties.

Direct Investment

The practice of purchasing a controlling interest in a foreign business or starting a new enterprise in a foreign country as a means of entering a market.