Closing Which of the Following Accounts Results in a Debit

question 55

Multiple Choice

Closing which of the following accounts results in a debit entry to the profit or loss summary account?

• A) Sales
• B) Insurance expense
• C) Interest revenue
• D) Drawings

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Definitions:

Family Farmers

Small-scale farmers who own and operate their farms primarily with family labor, focusing on the sustainability of agriculture and rural communities.

Regular Income

Earnings received by an individual or entity on a steady and predictable basis, often from employment or investments.

Automatic Stay

Under the Bankruptcy Act, the suspension of all litigation against the debtor and his property, which is triggered by the filing of a bankruptcy petition.

Alimony

Financial support paid by one ex-spouse to another after divorce or separation, as dictated by a court order or agreement.