Use This End-Of-Period Spreadsheet to Answer the Questions That Follow

question 72

Multiple Choice

Use this end-of-period spreadsheet to answer the questions that follow.
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-The entry to close Income Summary would be

• A) debit Common Stock, $50,000; credit Income Summary, $50,000
• B) debit Income Summary, $155,000; credit Common Stock, $155,000
• C) debit Income Summary, $50,000; credit Retained Earnings, $50,000
• D) debit Common Stock, $9,000; credit Income Summary, $9,000

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Definitions:

Implosion

The process of collapsing or being forced inward in a very sudden manner, often used to describe the rapid failure of a structure.

Flooding

A behavioural technique used in psychotherapy to expose patients to their anxiety sources without any danger, to overcome their anxieties or phobias.

Greatest Fear

A term referring to the most profound or intense fear an individual experiences, which can significantly influence their behavior and decisions.

Dangerous Throughout Human History

Pertaining to things or events that have consistently posed threats to human survival or well-being across different epochs.