Question

Which of the following accounts will be closed by crediting the Income Summary account? Group of...

Which of the following accounts will be closed by crediting the Income Summary account?
Group of answer choices

Service Revenue

Depreciation Expense

Accounts Payable



Which of the following accounts will be closed by debiting the Income Summary account?
Group of answer choices

Depreciation Expense

Accounts Payable
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Answer #1
Which of the following accounts will be closed by crediting the Income Summary account?

Service Revenue

 Correct Option Revenues and expenses are closed to the Income Summary account,  credit the income summary account for total revenues and debit the income summary account for total expenses.

Depreciation Expense

Accounts Payable

Which of the following accounts will be closed by debiting the Income Summary account?

Depreciation Expense

 Correct Option The income summary account will be debited  for closing  total expenses account.

Accounts Payable
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