Which of the Following Accounts Has a Debit Balance and Is

question 46

Multiple Choice

Which of the following accounts has a debit balance and is closed into Income Summary in the closing entries of a merchandising business?

• A) Purchase Discounts
• B) Drawings
• C) Capital
• D) Wages Expense
• E) Interest Income

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Definitions:

Strategic Planning

The process of defining a business's strategy or direction and making decisions on allocating resources to pursue this strategy.

Shared Beliefs

Common values or principles held by a group of people, which influence their behavior and decision-making.

Ethical Responsibility

involves the duty of individuals and organizations to act in a morally principled manner to benefit society and minimize harm.

Milton Friedman

An influential American economist known for his strong belief in free-market capitalism and minimal government intervention in the economy.