Solved

The Second Step in the Closing Process Is to Close

Question 44

Multiple Choice

The second step in the closing process is to close the _____________ account(s) into the ___________ account(s) .

A) expense, income summary
B) income summary, expense
C) expense, net income
D) revenue, income summary

Related Questions

Q39: The _ requires that revenue is recorded

Q40: In preparing the first two closing entries,

Q41: Which of the following accounts would be

Q42: The debit to Income Summary in the

Q43: After the temporary accounts are closed, only

Q45: Match the terms that follow with the

Q46: The balance of Wages Payable will normally

Q47: Closing entries may be prepared from the

Q48: Match the terms that follow with the

Q49: Which of the following steps follows the