Which of the Following Journal Entries Would Be Required to Close

question 78

Multiple Choice

Which of the following journal entries would be required to close a salaries expense account?

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Definitions:

Horizontal Acquisition

A business strategy where a company acquires another in the same industry and at the same level of the supply chain.

Automaker

A company that manufactures and sells vehicles, including cars, trucks, and motorcycles.

Acquires

Obtains ownership or control of another company or asset through purchase or merger.

Split-Up

The splitting up of a company into two or more companies.