Which of the Following Is a Possible Closing Entry

question 141

Multiple Choice

Which of the following is a possible closing entry?

• A)Debit Cash,credit Service Revenue.
• B)Debit Cash,credit Retained Earnings.
• C)Debit Service Revenue,credit Retained Earnings.
• D)Debit Dividends,credit Retained Earnings.

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Definitions:

Human Wants

The desires and needs of individuals or society that drive demand for products, services, and resources.

Opportunity Cost

The forgone benefit that would have been derived by an option not chosen.

Iraq

A country located in Western Asia, known for its rich history and as a significant oil producer.

Full Production

The level of production at which an economy or firm operates at maximum capacity, utilizing all available resources efficiently without waste.