A Company Had Revenues of $75,000,withdrawals of $10,000 and Expenses

question 13

Multiple Choice

A company had revenues of $75,000,withdrawals of $10,000 and expenses of $62,000 during an accounting period.Which of the following entries should not be journalized in the closing process?

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Definitions:

Resources

Assets, materials, or other necessities that are available for use or could be used to achieve goals.

Crowdfunding

The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet.

Capital

The wealth, whether in money or assets, owned or employed in business by an individual, firm, corporation, etc.

Venture

An endeavor or project that involves risk but is pursued with the expectation of future gains.