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:

Ductus Deferens

A conduit that transports sperm from the epididymis to the ejaculatory ducts within the male reproductive system.

Epididymis

A long, coiled tube attached to the back of the testis that stores and carries sperm.

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of deoxyribonucleic acid (DNA).

Sperm

The male reproductive cells capable of fertilizing a female's egg to produce offspring.