At the End of 20D,the Following Data Were Taken from the Accounts

question 123

Multiple Choice

At the end of 20D,the following data were taken from the accounts of Timberline Company: The 20D closing entries would include which of the following?

• A)$10,000 net credit to retained earnings.
• B)$10,000 net debit to retained earnings.
• C)$190,000 debit to retained earnings.
• D)$180,000 credit to retained earnings.

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Definitions:

Nolo Contendere

A plea in which the defendant does not admit guilt but agrees not to contest the charges.

Guilt

Guilt is the emotional state of feeling responsible or remorseful for a perceived offense, crime, or wrong, whether or not legally culpable.

Charges

Fees or financial obligations imposed for services rendered, penalties, or cost of borrowing.

White-collar Crimes

Non-violent criminal offenses, usually committed in commercial situations for financial gain.