In Preparing Closing Entries

question 170

Multiple Choice

In preparing closing entries

• A) each revenue account will be credited.
• B) each expense account will be credited.
• C) the owner's capital account will be debited if there is net income for the period.
• D) the owner's drawing account will be debited.

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Definitions:

Triglyceride

A type of fat (lipid) found in your blood, made up of a glycerol backbone attached to three fatty acid chains, the main form of fat stored by the body.

Wax

A diverse class of organic compounds that are malleable at slightly higher than room temperature, consisting mostly of hydrocarbons or esters of fatty acids.

Organic Compound

A chemical compound that contains carbon atoms covalently bonded to hydrogen atoms, possibly along with other elements such as oxygen, nitrogen, sulfur, and halogens.

Long-Term Energy

Refers to energy storage or potential energy resources that can be utilized over an extended period.