The Entry Made to Close Service Revenue Would Include

question 3

Multiple Choice

The entry made to close service revenue would include:

• A) a debit to Service Revenue and a credit to Dividends
• B) a debit to Service Revenue and a credit to net income
• C) a debit to Retained Earnings and a credit to Service Revenue
• D) a debit to Service Revenue and a credit to Retained Earnings

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Definitions:

Monetary Policy

Actions taken by a central bank to control the money supply in an economy, influencing interest rates and inflation.

Federal Securities

Financial instruments issued by the federal government, including Treasury bills, notes, and bonds, which are used to finance government spending.

Depository Institutions

Commercial banks and thrift institutions; financial institutions that accept deposits from the public

Customer Deposits

Funds placed by customers with a company, often in the context of financial services, which may be used for further transactions or withdrawn later.