Multiple Choice
Which of the following is true about closing the books of a corporation?
A) Expenses are closed to the Expense Summary account.
B) Only revenues are closed to the Income Summary account.
C) Revenues and expenses are closed to the Income Summary account.
D) Revenues, expenses, and the dividends declared account are closed to the Income Summary account.
Correct Answer:
Verified
Correct Answer:
Verified
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