Which of the Following Accounts Has a Credit Balance and Is

question 74

Multiple Choice

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

• A) Sales
• B) Freight in
• C) Depreciation Expense, Building
• D) Capital
• E) Drawings

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Definitions:

Valid Data

Accurate and reliable information that is relevant and appropriate for the context in which it is used.

Reliable Data

Information that is accurate, consistent, and dependable for making decisions or conducting analyses.

Animism

The belief that objects, places, and creatures all possess a distinct spiritual essence.

Celebrity Golfer

A high-profile individual known both for their fame or status in society and their proficiency or involvement in the sport of golf.