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Indicate Which of the Following Accounts Will Be Closed to Income

Question 89

Essay

Indicate which of the following accounts will be closed to Income Summary at year-end.
(a)Cash
(b)Office Supplies Expense
(c)Unexpired Insurance
(d)Unearned Revenue
(e)Dividends
(f)Depreciation Expense
(g)Income Taxes Payable
(h)Accumulated Depreciation

Correct Answer:

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(b)Office Supplies Expense and...

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