Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?
A)debit Accumulated Depreciation and credit Income Summary
B)debit Depreciation Expense and credit Income Summary
C)debit Income Summary and credit Accumulated Depreciation
D)debit Income Summary and credit Depreciation Expense

Question

Quizplus · Accepted Answer

Depreciation Expense is closed to Income Summary by debiting Income Summary and crediting Depreciation Expense. Accumulated Depreciation is a balance sheet account and is not closed.

Which of the Following Entries Will Be Necessary to Close