Use the Following Account Balances from the Adjusted Trial Balance

question 54

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 their revenue accounts (and other temporary income statement accounts with credit balances) at the end of the accounting period.

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Definitions:

Monogamy

A mating system in which a male animal mates with a single female during a breeding season.

Parental Care

Behaviours exhibited by parents towards their offspring to ensure their growth, survival, and success.

Offspring Survival

The ability of offspring to live past infancy and reach maturity, influenced by genetic, environmental, and parental factors.

Breeding Season

The specific time of year when reproduction occurs in animals, often timed to maximize the survival chances of the offspring.