Use the Following Account Balances from the Adjusted Trial Balance

question 66

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 Income Summary
Account at the end of the accounting period.

• A) R. Gees, Capital $ 19,000 Income Summary $ 19,000
• B) Income Summary $ 9,000 R. Gees, Capital $ 9,000
• C) R. Gees, Capital $ 9,000 Income Summary $ 9,000
• D) Income Summary $ 11,000 R.Gees, Capital $ 11,000

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Definitions:

Human Resource Surplus

A situation in which an organization has more staff than needed, leading to potential workforce downsizing or restructuring.

Internal Supply

The availability of resources, talent, or goods within an organization that can be utilized or mobilized to meet its needs.

Future Resource Needs

Anticipated requirements of an organization for assets, staff, or materials in order to meet its strategic goals.

Forecasting

Predicting future events or trends, often using historical data and analysis methods.