Multiple Choice
Which of the following entries will be necessary to close the insurance expense account at the end of the year?
A) Debit Capital and credit Insurance expense
B) Debit Insurance expense and credit Income summary
C) Debit Insurance expense and credit Capital
D) Debit Income summary and credit Insurance expense
Correct Answer:
Verified
Correct Answer:
Verified
Q22: Net profit (loss)is the difference between the
Q23: The Interest expense in the worksheet's unadjusted
Q24: Which of the following accounts are temporary
Q25: The last step in the closing process
Q26: Which of the following accounts does NOT
Q28: What is the key distinction between current
Q29: Which account has a balance equal to
Q30: Prepaid rent is usually a non-current asset.
Q31: In which of the columns of the
Q136: The post-closing trial balance shows the updated