Multiple Choice
The journal entry to close expense accounts includes
A) debiting the expense accounts and crediting Income Summary.
B) debiting Income Summary and crediting the expense accounts.
C) debiting the expense accounts and crediting the owner's capital account.
D) debiting the expense accounts and crediting the drawing account.
Correct Answer:

Verified
Correct Answer:
Verified
Q76: What is the purpose of the post-closing
Q77: A form of balance sheet that shows
Q78: From the following adjusted trial balance,journalize
Q79: Long-term liabilities or _ are obligations that
Q80: _ are due within either one year
Q82: After posting the adjusting entries,the balance of
Q83: The heading for a balance sheet includes
Q84: Cash and other assets that will be
Q85: Closing entries are made in the journal
Q86: _ will be converted into cash or