Raven Receives $200 Per Week Plus 10 Percent of the Value

question 9

Multiple Choice

Raven receives $200 per week plus 10 percent of the value of all sales she makes over $750 per week. The $200 Raven receives is an example of a:

• A)gratuity.
• B)donation.
• C)contribution.
• D)commission.
• E)salary.

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Definitions:

Revenue Accounts

Accounts used to track the income generated from a company's operations or activities.

Temporary Accounts

Accounts used to track transactions within a fiscal period, which are reset by transferring the balance to permanent accounts at the end of the period. These include revenues, expenses, and dividends accounts.

Accounting Period

The specific time period during which financial activities are recorded and compiled into financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, facilitating the start of a new accounting period.