Which of the Following Entries Will Be Necessary to Close

question 159

Multiple Choice

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

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

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Definitions:

Amphetamines

A class of stimulant drugs that increase activity within the brain and nervous system, often used to treat ADHD and narcolepsy but can be abused as performance-enhancing or recreational drugs.

Personal Goal

An individual’s aim or desired outcome that they work towards through action or behavior, often reflecting personal values and aspirations.

Endorphins

Chemicals naturally produced by the body that alleviate pain and enhance sensations of pleasure and well-being.

Opiates

A group of drugs derived from opium used for their analgesic, narcotic, and sedative properties.