Multiple Choice
Which of the following describes the correct sequence of year- end closing entries?
A) Close Revenues to Income summary; close Income summary to Retained earnings; close Expenses to Retained earnings.
B) Close Revenues to Retained earnings; close Expenses to Retained earnings; close Income summary to Retained earnings.
C) Close Expenses to Income summary; close Revenues to Income summary; close Income summary to Retained earnings.
D) Close Revenues to Income summary; close Expenses to Income summary; close Income summary to Retained earnings.
Correct Answer:
Verified
Correct Answer:
Verified
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