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:

Keynesian Range

A segment of the Aggregate Supply curve where output is significantly influenced by demand, based on Keynesian economics.

Aggregate Demand

The collective quest for goods and services within an economic sphere, pegged at a designated price level and spanning a predetermined interval.

Real National Output

The total value of all goods and services produced by a country over a specific time period, adjusted for inflation.

AS Curve

Short for Aggregate Supply Curve, it represents the total supply of goods and services that firms in an economy are willing and able to produce at different price levels.