The Closing Entries Show a Debit to Retained Earnings of $350,and

question 34

Multiple Choice

The closing entries show a debit to Retained Earnings of $350,and a credit to Retained Earnings of $750.There was also a credit to Dividends Payable of $100.This company had a:

• A)net loss of $400.
• B)net income of $400.
• C)net loss of $500.
• D)net income of $500.

Differentiate between various types of adjusting entries (e.g., prepayments, accruals, depreciation).

Identify the classifications and normal balance of specific accounts (Prepaid Insurance, Unearned Fees, Supplies Expense, Accumulated Depreciation).

Identify and apply adjusting entries for depreciation.

Recognize and adjust entries for supplies and inventory.

---

Definitions:

Demand Elasticity

Demand Elasticity measures how sensitive the quantity demanded of a good or service is to a change in its price, income levels, or other factors.

Learning Organisations

Continuously change and improve using the lessons of experience.

Information Technology

The use of computers, software, networks, and other digital devices to store, process, and exchange data.