Which of the Following Accounts Is Debited in the Closing

question 96

Multiple Choice

Which of the following accounts is debited in the closing entries?

• A)Sales
• B)Unearned Subscriptions
• C)Sales Returns and Allowances
• D)Sales Discounts
• E)Insurance Expense

---

Definitions:

Corporate Function

Roles and activities that support an organization's overall objectives and strategic goals, typically not linked to producing goods or services.

Planning Budget

A budget created for a specific period in the future, outlining expected revenue, expenses, and resource needs.

Vehicle Operating Cost

The total expense associated with maintaining and running a vehicle, including fuel, maintenance, insurance, and depreciation.

Snow-Day

A colloquial term typically referring to a day when schools or businesses are closed due to excessive snowfall that impedes travel and regular operations.