Which of the Following Entries Will Be Necessary to Close

question 140

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

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Definitions:

Media Companies

Organizations involved in the production, distribution, and/or broadcasting of content through various platforms, such as newspapers, television, and the internet.

Revenue

The income generated by a company or government from its activities, primarily from sales of goods or services or taxation.

Digital Subscription

A subscription model that allows access to digital content, such as articles, journals, or streaming services, typically on a recurring payment basis.

News Content

The substance or material of news, including facts, information, and narratives provided by media outlets to inform the public on current events.