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konstantin123 [22]
3 years ago
6

In January, Hometown Ice Cream Shoppe reported the following balances in their income statement accounts. Based on this informat

ion, the closing entry to Retained Earnings will be?
Business
1 answer:
Gekata [30.6K]3 years ago
7 0

Answer:

A) Debit of $1,445

Explanation:

Closing entries refers to the balance statements that are entered at the end of an accounting period in order to transfer the temporary account balances into permanent accounts. Based on the balances listed in the question it can be said that the closing entry to retained earnings will be Debit of $1,445. This refers to money going out of the account and can be calculated by adding all the revenue to the account and subtracting the expenses leaving $ - 1,445 thus being debit.

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Explanation:

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This is indicated by the downward-sloping Phillips curve. When the government adopts a contractionary policy to reduce inflation, unemployment will increase.  

In the long run, the Phillips Curve will be a vertical line at the natural rate of unemployment. The inflation rate is not related to the unemployment rate in the long run.

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