Multiple Choice
Which of the following entries will be necessary to close the Insurance Expense account at the end of the year?
A) debit Insurance Expense and credit Income Summary
B) debit Insurance Expense and credit Owner,Capital
C) debit Owner,Capital and credit Insurance Expense
D) debit Income Summary and credit Insurance Expense
Correct Answer:
Verified
Correct Answer:
Verified
Q26: Liquidity is a measure of how _.<br>A)quickly
Q27: The beginning balance in the Owner,Capital account
Q28: Asset and liability accounts are closed to
Q29: Which of the following categories of accounts
Q31: The Owner,Capital account is a temporary account.
Q32: A company has $100,000 in current assets;$600,000
Q33: Reversing entries are used in conjunction with
Q34: The Interest Expense in the worksheet's unadjusted
Q35: The balances of select accounts of Sandra
Q154: Buildings,land,and equipment are classified as _.<br>A) current