Use This End-Of-Period Spreadsheet to Answer the Questions That Follow

question 7

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.​
-The journal entry to close revenues and expenses would involve:

• A)debits to the expense accounts and Retained Earnings and a credit to Fees Earned
• B)debits to the expense accounts and credits to Retained Earnings and Fees Earned
• C)a debit to Fees Earned and credits to the expense accounts and Retained Earnings
• D)debits to Fees Earned and Retained Earnings and credits to the expense accounts

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Definitions:

Inspiratory Reserve Volume (IRV)

The additional amount of air that can be inhaled after a normal inhalation, contributing to total lung capacity.

Expiratory Capacity (EC)

The maximum volume of air that can be exhaled from the lungs after a normal tidal volume exhalation.

Functional Residual Capacity (FRC)

The volume of air present in the lungs at the end of a passive expiration, combining residual and expiratory reserve volumes.

Expiratory Reserve Volume (ERV)

The extra volume of air that can be forcefully expelled following the end of a regular, gentle breath out.