Which of the Following Is the Correct Closing Entry for a Profit

question 9

Multiple Choice

Which of the following is the correct closing entry for a profit of $78 400?

• A) DR Profit or loss summary account $78 400; CR Owner's capital account $78 400
• B) DR Owner's capital account $78 400; CR Profit or loss summary account $78 400
• C) DR Owner's capital account $78 400; CR Bank $78 400
• D) No closing entry is required

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Definitions:

Memorial Service

A ceremony held in honor of a deceased person, often without the body present.

Hospital

A healthcare institution providing patient treatment with specialized staff and equipment.

Died

The end of life in biological organisms, signifying the permanent cessation of vital functions.

Medical Interventions

Actions taken to prevent, treat, or manage illnesses and diseases, utilizing various forms of therapy and procedures.