The Income Summary account debited and the expense accounts credited would be the result of:
A) closing the Income Summary account-there is a net income.
B) closing the revenue accounts.
C) closing the Income Summary accounts-there is a net loss.
D) closing the expense accounts.

Question

Quizplus · Accepted Answer

Closing the expense accounts involves transferring their balances to the Income Summary account to reflect the total expenses for the period. This is done by debiting the Income Summary account and crediting each of the expense accounts to zero them out.

The Income Summary Account Debited and the Expense Accounts Credited