A Company's Ledger Accounts and Their End-Of-Period Balances Before Closing

question 79

Multiple Choice

A company's ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Tricia DeBarre, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.)

• A) $16,780 debit.
• B) $7,180 credit.
• C) $16,780 credit.
• D) $18,280 credit.
• E) $23,780 credit.

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Definitions:

Pancreatic Amylase

An enzyme produced by the pancreas that helps in the digestion of carbohydrates by breaking down starches into sugars.

Peristaltic Waves

Sequential muscle contractions that occur in the gastrointestinal tract to move contents through the digestive system.

Attachment Behaviors

Actions performed by infants and children to seek proximity to their caregivers, signaling a need for comfort and security.

Reactivity

The degree to which a substance undergoes a chemical reaction, either by itself or with other materials, under certain conditions.