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Use This Adjusted Trial Balance to Answer the Following Question

Question 60

Multiple Choice

Use this adjusted trial balance to answer the following question. Use this adjusted trial balance to answer the following question. The entry to close the expense accounts includes a A) debit to Retained Earnings for $4,000. B) debit to Income Summary for $20,000. C) debit to Insurance Expense for $4,000. D) credit to Retained Earnings for $40,000. The entry to close the expense accounts includes a


A) debit to Retained Earnings for $4,000.
B) debit to Income Summary for $20,000.
C) debit to Insurance Expense for $4,000.
D) credit to Retained Earnings for $40,000.

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