Information from the Income Statement columns of the work sheet of Landry Laundry Service is provided below:
-The entry to close the expense accounts is

Question

Information from the Income Statement columns of the work sheet of Landry Laundry Service is provided below:  
-The entry to close the expense accounts is

Quizplus · Accepted Answer

To close the expense accounts, we need to debit each expense account and credit Income Summary account. The total of the debit entries to expense accounts must be equal to the credit to Income Summary account. Option C has the correct debit entries to expense accounts and credit entry to Income Summary account.

Information from the Income Statement Columns of the Work Sheet