Which of the Following Accounts Has an Ending Balance Equal

question 35

Multiple Choice

Which of the following accounts has an ending balance equal to net income immediately before it is closed?

• A) Income Summary
• B) Owner, Withdrawals
• C) Net Income
• D) Owner, Capital

---

Definitions:

Price Rises

An increase in the cost of goods or services over time, often referred to as inflation.

Increase in Supply

A situation where the quantity of a product that producers are willing and able to sell at various prices rises, often due to factors like technological advancements or decreased production costs.

Quantity Supplied

The total number of units of a good or service that sellers are willing and able to sell at a particular price over a specified period.

Point A to B

A phrase commonly used to describe the process or path taken from one position or situation to another, often implying a change in state or location.