Which of the Following Entries Properly Closes a Temporary Account

question 40

Multiple Choice

Which of the following entries properly closes a temporary account?

• A)Income Summary 20,000 Service Revenue 20,000
• B)Dividends 200 Retained Earnings 200
• C)Accumulated Depreciation 1,600 Income Summary 1,600
• D)Income Summary 400 Salaries Expense 400

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Definitions:

Currency

The monetary system commonly utilized within a specific nation.

Free Check-Cashing Services

Services provided without a fee to convert checks into cash.

Welfare Banks

Financial institutions typically focused on social welfare goals, offering inclusive financial services aimed at enhancing the living standards of the underprivileged.

Credit Card

A payment card issued by financial institutions that lets cardholders borrow funds with which to pay for goods and services.