Use the Following Account Balances from the Adjusted Trial Balance

question 63

Multiple Choice

Use the following account balances from the adjusted trial balance of Gees Catering:

Select the correct closing entry that Gees Catering would make to close their revenue account(s) at the end of the accounting period.

• A) Fees Revenue $ 10,000 Income Summary $ 10,000
• B) R. Gees, Capital $ 10,000 Fees Revenue $ 10,000
• C) Income Summary $ 10,000 Fees Revenue $ 10,000
• D) Fees Revenue $ 10,000 R.Gees, Capital $ 10,000

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in the open market.

Long Run

A period in economics where all inputs or factors of production can be varied, with no fixed factors, allowing for full adjustment to changes.

Economic Profit

The divergence between overall financial returns and comprehensive expenses, integrating both apparent and implied costs.

Long Run

In economics, a period in which all factors of production and costs are variable, allowing all inputs to be adjusted.