Which of the Following Entries Will Be Necessary to Close

question 27

Multiple Choice

Which of the following entries will be necessary to close the insurance expense account at the end of the year?

• A)Debit Capital and credit Insurance expense
• B)Debit Insurance expense and credit Income summary
• C)Debit Insurance expense and credit Capital
• D)Debit Income summary and credit Insurance expense

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Definitions:

Geography

The study of the Earth's landscapes, environments, and the relationships between people and their environments, including the spatial aspects of human societies and natural phenomena.

Merchandising Complexity

The various challenges and difficulties involved in managing the assortment, display, and promotion of retail merchandise.

Marketer's Perspective

An approach or viewpoint that emphasizes understanding and meeting the needs and wants of customers to promote or sell a product effectively.

Attractive Displays

Visually appealing presentations of products or information designed to capture attention and stimulate interest in viewers or shoppers.