Which of the Following Accounts Will Be Closed by Debiting

question 54

Multiple Choice

Which of the following accounts will be closed by debiting the Income Summary account?

• A) Retained Earnings
• B) Service Revenue
• C) Accounts Receivable
• D) Salaries Expense

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Definitions:

Meditation

A practice of focused attention, often on a single object, thought, or activity, to increase awareness of the present moment, reduce stress, promote relaxation, and enhance personal and spiritual growth.

80/20 Rule

The Pareto Principle, which suggests that 80% of effects come from 20% of causes, applicable in various contexts such as business, productivity, and time management.

Inefficient Work Environment

A work setting that poorly utilizes resources, leading to lower productivity and often causing frustration among employees.

Time Management Matrix

A framework for prioritizing tasks based on urgency and importance, often used to optimize productivity.