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

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Definitions:

Environmental Factors

Aspects of the environment that can influence living organisms, including natural elements like climate and man-made changes, which can impact health, behaviors, and development.

Ethologist

A scientist who studies animal behavior in natural environments, focusing on instinctual or innate behaviors.

Well-Controlled Research Lab

A research setting where experiments are conducted with strict adherence to protocols to minimize variables and bias, ensuring reliable and valid results.

Environmental System

The complex network of interacting biotic and abiotic elements in a specific area, which can include ecosystems, human-made environments, and their components.