In Preparing the First Two Closing Entries, to Which of the Following

question 40

Multiple Choice

In preparing the first two closing entries, to which of the following columns of the work sheet does one refer?

• A) Balance Sheet columns
• B) Adjusted Trial Balance columns
• C) Income Statement columns
• D) Trial Balance columns
• E) Adjustments columns

---

Definitions:

Valet Parking

A service where an attendant parks and retrieves vehicles for guests at a venue or establishment.

Gross Negligence

An extreme lack of care or failure to act that demonstrates a disregard for the safety or rights of others, potentially leading to legal liability.

Bailment

The transfer of a chattel by the owner to another for some purpose, with the chattel to be later returned or dealt with in accordance with the owner’s instructions.

Reasonable Care

The standard of care that a reasonably prudent person would observe under a given set of circumstances.