After Preparing and Posting the Closing Entries to Close Revenues

question 16

Multiple Choice

After preparing and posting the closing entries to close revenues (and gains) and expenses (and losses) , the income summary account has a debit balance of $33,000. The entry to close the income summary account will include:

• A) a debit of $33,000 to owner withdrawals.
• B) a credit of $33,000 to owner withdrawals.
• C) a debit of $33,000 to income summary.
• D) a debit of $33,000 to owner capital.
• E) a credit of $33,000 to owner capital.

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Definitions:

Confounded

Confounded refers to a situation in research where the effect of one variable cannot be separated from the effect of another, making it difficult to determine the cause of any observed changes.

Experimental Method

A research method involving the manipulation of variables to establish cause-and-effect relationships.

Cause-And-Effect

The principle that suggests every event (cause) leads to a certain result (effect), underlining the relationships between actions and outcomes.

Natural Setting

A real-world environment where behavior and events occur spontaneously, outside of a controlled or laboratory setting.