Use the Following Account Balances from the Adjusted Trial Balance

question 3

Multiple Choice

Use the following account balances from the adjusted trial balance columns of Goody Chocolate's
Worksheet to answer below question.

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Using the adjusted trial balance above, select the correct closing entry that Goody Chocolate would make to close the expense accounts (and cost of goods sold accounts with debit balances) at the end of the accounting period.

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Definitions:

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Complicated Technology

Technological systems or products that are complex in nature and may require specialized knowledge to use or understand.

Launch

The introduction of a new product or service to the market.

Cost of Play

Refers to the expenses associated with participating in a game, competition, or any form of entertainment.