Which of the Following Entries Will Be Necessary to Close

question 30

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,Capital and credit Insurance Expense
• D)debit Income Summary and credit Insurance Expense

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Definitions:

Combo Box

An interactive element in a graphical user interface that allows a user to choose one of multiple predefined options or enter a custom choice.

Subform/Subreport Control

A feature in database software that allows for embedding a data form or report within another, facilitating hierarchical data presentation.

Command Button Wizard

A feature in software that guides users through the process of creating and configuring command buttons, including defining the action performed when the button is clicked.

Control Wizards

Tools in software that guide users through the process of creating or configuring complex controls.