Which of the Following Entries Will Be Necessary to Close

question 98

Multiple Choice

Which of the following entries will be necessary to close the insurance expense account at the end of the year?

• A)Debit Capital and credit Insurance expense
• B)Debit Insurance expense and credit Income summary
• C)Debit Income summary and credit Insurance expense
• D)Debit Insurance expense and credit Capital

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Definitions:

University Internships

Work experiences offered by companies and organizations for college students to gain practical knowledge and skills in their field of study.

Screening Candidates

The process of evaluating prospective employees' backgrounds, skills, and qualifications to determine their suitability for a position before selecting them for an interview.

Recruiters

Recruiters are professionals who seek out, interview, and screen applicants to fill existing and future job openings within a company or organization.

Social Capital

The networks of relationships among people who live and work in a particular society, enabling that society to function effectively.