The Closing Entry for Utilities Expense Would Include

question 111

Multiple Choice

The closing entry for utilities expense would include:

• A) a debit to Utilities Expense and a credit to Retained Earnings
• B) a debit to net income and a credit to Utilities Expense
• C) a debit to Utilities Expense and a credit to net income
• D) a debit to Retained Earnings and a credit to Utilities Expense

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Definitions:

Guidelines for Ethics

Established principles that dictate appropriate behavior and actions within a specific context or profession.

Leon Wieseltier

An American writer, critic, and magazine editor, known for his works on society, culture, and political commentary.

Core Values

Fundamental beliefs or principles that guide an organization's internal conduct as well as its relationship with the external world.

Value System

The organization of one’s beliefs about preferred ways of behaving and desired end-states.