S&C Corp Had Closing Entries Which Included Debits to Revenues

question 27

True/False

S&C Corp had closing entries which included debits to revenues for a total of $4,500, credits to expenses for a total of $2,000, and credits to dividends for $500. S&C's net income was $2,000.

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Definitions:

Superstition

A belief or practice resulting from ignorance, fear of the unknown, trust in magic or chance, or a false conception of causation.

Obsessive-Compulsive Disorder

A mental disorder characterized by persistent unwanted thoughts (obsessions) and repetitive behaviors (compulsions).

Avoidance Learning

A learning process where a subject learns to prevent an unpleasant experience by taking specific actions.

Superstitions

Beliefs or practices resulting from ignorance, fear of the unknown, trust in magic or chance, or a misunderstanding of causation.