When a Company Prepares Closing Entries,which One of the Following

question 77

Multiple Choice

When a company prepares closing entries,which one of the following is NOT a correct closing entry?

• A)Debit Retained Earnings;credit Salaries Expense.
• B)Debit Dividends;credit Retained Earnings.
• C)Debit Service Revenue;credit Retained earnings.
• D)All of the above are correct.

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Definitions:

Discretionary Product

Products or services that are non-essential and purchased with disposable income, the demand for which tends to be more elastic and influenced by consumers' economic status.

Unsought Product

Goods or services that consumers typically do not think about buying or do not know exist until they encounter them, usually requiring aggressive sales strategies.

Consumer Segmentation

The approach of partitioning a potential consumer market into segments, each defined by distinct attributes.

Consumer Products

Goods that are purchased for personal use or consumption by the general public.