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

question 56

Multiple Choice

Which of the following is the correct closing entry for a profit of $105 300?

• A) No closing entry is required
• B) Debit profit or loss summary account $105 300; credit owner's capital account $105 300
• C) Debit owner's capital account $105 300; credit profit or loss summary account $105 300
• D) Debit owner's capital account $105 300; credit bank $105 300

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Definitions:

Input Technology

Refers to tools and methods used to input data into a computer system or process, ranging from keyboards and scanners to voice recognition systems.

Moore's Law

The observation that the number of transistors on a microchip doubles approximately every two years, leading to continuous advances in computing power and efficiency.

Best Of Breed

Products or solutions considered to be the best in their category, typically used in technology procurement to describe systems that offer specific desired functionality.

Integrated Functions

The combination of different operations or features into a single system or device, enhancing efficiency and usability.