Which of the following statements regarding closing journal
entries is correct?
A) Revenue accounts are debited and...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Which of the following statements regarding closing journalentries is correct?
A) Revenue accounts are debited and the income summary accountis credited.
B) Expense accounts are debited and the income summary accountis credited.
C)Expense accounts are credited and retained earnings account isdebited.
D)Revenue accounts are debited and retained earnings account iscredited.
Please explain
Answer & Explanation
Solved by verified expert
4.2 Ratings (478 Votes)
Closing entry or closing journal entries are fiscal year end entries used to transfer balance of temporary account viz revenue expenses and capital withdrawal account to permanent capital account the
See Answer
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
