Answered: When expense accounts are closed,…

When expense accounts are closed, __________. the owner's capital account is credited the expense accounts are debited the Income Summary is debited the Income Summary is credited

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5MC: Which of these accounts would be present in the closing entries? A. Dividends B. Accounts Receivable...

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Question

When expense accounts are closed, __________.

	the owner's capital account is credited
	the expense accounts are debited
	the Income Summary is debited
	the Income Summary is credited

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