The Most Efficient Way to Accomplish Closing Entries Is to

question 12

Multiple Choice

The most efficient way to accomplish closing entries is to

• A) credit the income summary account for each revenue account balance.
• B) debit the income summary account for each expense account balance.
• C) credit the owner's drawings balance directly to the income summary account.
• D) credit the income summary account for total revenues and debit the income summary account for total expenses.

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Definitions:

Hypotheses

Proposed explanations or predictions for a phenomenon, made as a starting point for further investigation, that can be tested through experimentation and observation.

Principles

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior or for a chain of reasoning.

Mojave Desert

A vast desert region in the southwestern United States known for its unique ecological characteristics and biodiversity, including Joshua trees.