Multiple Choice
Which of the following accounts will be closed by debiting the Income summary account?
A) Depreciation expense
B) Accounts payable
C) Service revenue
D) Accumulated depreciation
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q51: Service revenue is a permanent account.
Q52: Please refer to the following information
Q53: Cash is a temporary account.
Q54: To what account is the balance in
Q55: Beginning balance in Capital is $80,000.Revenues are
Q57: Please refer to the worksheet below.Enter the
Q58: Which debt ratio would indicate the BEST
Q59: Which of the following adjusted balances would
Q60: Asset and liability accounts are closed to
Q61: Revenue accounts and expense accounts are closed