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There Are Two Closing Entries

question 76

Multiple Choice

There are two closing entries. The first one is to close revenues and expenses to _________, and the second one is to close _________ to Retained Earnings.


Definitions:

Customer Benefit Approach

A sales strategy focusing on communicating the advantages and positive outcomes that a customer will gain from a product or service.

Referral

The act of recommending a product, service, or company to someone else, often based on personal experience.

Complimentary

Expressing a polite or flattering comment towards someone or something, or items given for free in connection with a purchase or promotional activity.

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