Which of the Following Accounts Should Be Closed to J

question 80

Multiple Choice

Which of the following accounts should be closed to J. Bean, Capital, in the fourth closing entry?

• A) Professional Fees
• B) J. Bean, Drawing
• C) Wages Expense
• D) Income Summary
• E) Accumulated Depreciation

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Definitions:

T-Shirts

A type of clothing characterized by short sleeves and a round neckline without a collar, typically made of cotton or a cotton blend fabric.

Price Elasticity

A measure indicating how much the quantity demanded or supplied of a good changes in response to a change in its price.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price over a specified period.

Decreases

A reduction in quantity, size, or intensity of something.