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:

Food Stamps

A government assistance program providing electronic benefits to low-income individuals and families for the purchase of food.

Weekly Income

The total amount of money earned or received by an individual or household within the span of a week.

Price Of Food

The financial cost or value assigned to food items, influenced by factors such as production costs, supply, and demand.

Guineas

A British gold coin that was issued from 1663 until 1814, traditionally valued at 21 shillings.