In preparing closing entries
A) each revenue account will be credited.
B) each expense account will be credited.
C) the owner's capital account will be debited if there is net income for the period.
D) the owner's drawing account will be debited.

Question

Quizplus · Accepted Answer

In closing entries, each expense account is credited to bring the balance to zero, transferring the total expenses to the income summary account.

In Preparing Closing Entries