A Company Has the Following Adjusted Trial Balance: What

question 116

Multiple Choice

A company has the following adjusted trial balance: What closing entries are needed?

• A)Debit Service Revenue for $33,000 and credit Retained Earnings for $33,000
• B)Debit Rent Expense for $2,300 and credit Retained Earnings for $2,300
• C)Credit Retained Earnings for $2,100 and debit Cash for $2,100
• D)Debit Dividends for $1,000 and credit Retained Earnings for $1,000

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Definitions:

Demonstration

The act of showing how a product works or what benefits it offers to convince a potential customer to make a purchase.

Purchasing Decision

The process or action of deciding to buy a product or service, often influenced by factors like needs, desires, price, and marketing.

Salesperson

An individual who promotes and sells products or services on behalf of a company, aiming to meet customer needs and achieve sales targets.

Prospect

A potential customer or client who has been identified as fitting the target market's criteria and is likely to be receptive to the product or service offered.