Which of the Following Entries Will Be Necessary to Close

question 140

Multiple Choice

Which of the following entries will be necessary to close the Insurance Expense account at the end of the year?

• A) debit Insurance Expense and credit Income Summary
• B) debit Insurance Expense and credit Owner, Capital
• C) debit Owner, Withdrawals and credit Insurance Expense
• D) debit Income Summary and credit Insurance Expense

---

Definitions:

Myopia

A vision condition in which people can see close objects clearly, but objects farther away appear blurred, also known as nearsightedness.

Hyperopia

A visual condition in which distant objects are seen more clearly than those that are near, often referred to as farsightedness.

Old Eyes

A colloquial term referring to age-related changes in vision, typically presbyopia or decreased visual acuity.

Myopia

A vision condition characterized by difficulty seeing distant objects clearly, commonly referred to as nearsightedness.