The Closing Entry That Would Be Made at the Yearend $\begin{array}{l}\text { Interest Expense } & 50\\\text { Notes pavable }&&50\end{array}$

question 114

Multiple Choice

The closing entry that would be made at the yearend transferring the interest expense of $50 on a note is:

• A)
• \(\begin{array}{l}
• \text { Interest Expense } & 50\\
• \text { Notes pavable }&&50
• \end{array}\)
• B)
• \(\begin{array}{l}
• \text { Interest Expense } & 50\\
• \text { Income Summary }&&50
• \end{array}\)
• C)
• \(\begin{array}{l}
• \text { Income Summary } & 50\\
• \text { Interest Expense}&&50
• \end{array}\)
• D)
• \(\begin{array}{l}
• \text {Notes pavable } & 50\\
• \text { Interest Expense}&&50
• \end{array}\)

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Definitions:

Strategic Approaches

Methods or plans of action designed to achieve a long-term or overall aim in various contexts including business, negotiation, or conflict resolution.

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Intangible Factors

Elements that cannot be seen or touched but still significantly affect outcomes, such as reputation or brand value.

Negotiation

is the process of discussing and coming to mutual agreements between parties with differing interests.