Which Permanent Account Is Affected by the Closing Entries

question 119

Multiple Choice

Which permanent account is affected by the closing entries?

• A)Income Summary
• B)Common Shares
• C)Retained Earnings
• D)Cash

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Definitions:

Transportation Costs

Expenses associated with the movement of goods or individuals from one location to another, including fares, fuel, and maintenance.

Recreation Costs

Expenses associated with activities undertaken for enjoyment, relaxation, or leisure.

Collaborative Writing

The act of multiple individuals working together to produce a single document or piece of text.

Specialized Knowledge

Specialized knowledge is expertise or understanding specific to a particular field or area of study, often requiring advanced education or experience to acquire.