Prepare the Necessary Closing Entries Based on the Following Selected

question 166

Essay

Prepare the necessary closing entries based on the following selected accounts. $\begin{array}{lrr} \text { Accumulated Depreciation} &\$10,000\\ \text {Depreciation Expense } &6,000\\ \text { Owner's Capital } &20,000\\ \text {Owner's Drawings } &9,000\\ \text { Salaries and Wages Expense } &19,000\\ \text { Service Revenue} &40,000\\\end{array}$

Understand the conceptual distinction between measuring GDP using current-year versus base-year prices.

Understand the conceptual definition and computation of disposable income.

Recognize the roles of taxes, imports, and household production in the circular flow of income and expenditure model.

Calculate and interpret the inflation rate using the consumer price index (CPI).

---

Definitions:

Percentage

A way of expressing a number as a fraction of 100, denoting a part of a whole in terms of per hundred.

CSR Activities

Corporate Social Responsibility activities involve companies taking responsibility for their effects on environmental and social well-being, often going beyond legal requirements.

Legal Impact

The effect or influence of law on an activity, process, or situation, often in terms of compliance or litigation.

Prosecuted

The action of formally accusing someone of a crime and conducting legal proceedings against them in a court.