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:

Miranda Rights

The legal rights given to individuals in the United States during arrest, including the right to remain silent and the right to an attorney.

Double Jeopardy

A legal principle that prohibits someone from being prosecuted twice for the same offense, ensuring protection against multiple punishments.

Civil Rights Movement

A social movement in the United States during the 1950s and 1960s aimed at ending racial discrimination and securing African Americans' legal rights.

Fourteenth Amendment

An amendment to the U.S. Constitution guaranteeing equal protection under the law to all citizens and outlining the rights of citizens.