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:

Quotients

The results of dividing one quantity by another.

Ratios

A mathematical expression that compares two or more numbers, showing the relative size of one quantity to another.

Totals

The sum or aggregate amount resulting from the addition of individual elements, numbers, or variables.

Relative Frequency

The ratio of the absolute frequency of a particular value to the total number of data values in a dataset.