Which of the following accounts will be closed to the retained earnings account at the end of the fiscal year?
A) Rent Expense
B) Fees Earned
C) Income Summary
D) Depreciation Expense

Question

Quizplus · Accepted Answer

Income Summary is a temporary account used to transfer the net income or loss for the year to the retained earnings account. Rent Expense and Depreciation Expense are both expense accounts while Fees Earned is a revenue account, and none of these accounts are closed to Retained Earnings account directly.

Which of the Following Accounts Will Be Closed to the Retained