Prepare the Closing Entries from the Following Information on the PC

question 109

Essay

Prepare the closing entries from the following information on the PC Pros Company worksheet income statement columns.
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Income Statement }$
$\begin{array}{lrr} & \text { Debit } & \text { Credit } \\\text { Sales } & & 20 \\\text { Sales Ret. and Allow. } & 1 & \\\text { Income Summary } & 5 &6 \\\text { Purchases } & 14 & \\\text { Pur. Ret. and Allow. } & &2 \\\text { Insurance Expense } & 3 &\\\text { Office Salaries Expense }&1&\end{array}$

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Definitions:

Alternative Technologies

Different or new technologies that provide an alternative way of solving problems or completing tasks, often with the aim of improving efficiency or environmental sustainability.

Marginal Product

The extra output, or increase in production, that results from adding one more unit of a specific input, while other inputs are kept constant.

Total Product

The total quantity of output produced by a firm over a given period of time.

Average Product

The output per unit of a particular input, calculated by dividing total output by the quantity of inputs.