Use the Following Worksheet to Answer the Following Questions

question 37

Multiple Choice

Use the following worksheet to answer the following questions. The journal entry to close revenues would be:

• A) debit Income Summary $155,000, credit Fees Earned $155,000
• B) debit C. Finley, Capital $155,000, credit Fees Earned $155,000
• C) debit Fees Earned $155,000; credit Income Summary $155,000
• D) credit Fees Earned $155,000; credit C. Finley, Capital $155,000

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Definitions:

Encoding

The process of converting information into a form that can be stored in memory.

Persistence

The quality of continuing steadfastly or firmly in a course of action in spite of difficulty or lack of success.

Learning

The process of acquiring new understanding, knowledge, behaviors, skills, values, attitudes, and preferences through study, experience, or teaching.

Retrieval

The process of accessing and bringing into consciousness information stored in memory.