Which of the Following Entries Properly Closes a Temporary Account

question 87

Multiple Choice

Which of the following entries properly closes a temporary account?

• A)Service Revenues 20,000 Income Summary 20,000
• B)Unearned Revenue 10,200 Retained Earnings 10,200
• C)Accumulated Depreciation 1,600 Income Summary 1,600
• D)Dividends 400 Retained Earnings 400

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Definitions:

Practical Intelligence

The intellectual skills used in everyday problem solving. (Sometimes called tacit intelligence.)

Sternberg's Intelligences

A theory proposing three main types of intelligence: analytical (problem-solving abilities), creative, and practical, which help individuals face various life challenges.

Fluid Intelligence

The facet of human intellect that encompasses the capacity to rationalize, adapt thinking, and tackle novel issues independently of previously gained knowledge.

Fundamental Forms

Basic structures or elements within a discipline or area of study that form the groundwork for further development or understanding.