Answer:
False
Explanation:
False because the income, expenses accounts are closed to profit and loss account or income summary.
they are closed by transferring the credit balances in revenue a/c and debit balnace in expenses a/c to clearing account income summary.
The assets and liabilities , common stock, equity account are not closed.
Answer:
d. The cost of producing blue jeans will fall, and the supply curve for blue jeans will shift to the right
Explanation:
If the price of cotton falls, the cost of producing blue jeans would fall. As a result of the fall in the cost of production, more producers would be attracted to the industry and production would increase. Increase in supply of blue jeans would shift the supply curve to the right.
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Answer:
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