Multiple choice

To close the all expenses, you must do what to the account income summary

  1. Debit

  2. Credit

  3. No Idea

  4. Who Cares
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

To close expense accounts, you debit Income Summary (to record total expenses) and credit each expense account (to zero them). Income Summary acts as a temporary clearing account.

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