Which of the following accounts will be closed by debiting the Income Summary?
A) Accounts payable
B) Retained earnings
C) Accounts receivable
D) None of the above

Name: Which of the following accounts will be closed by debiting the Income Summary? A) Accounts payable B) Retained earnings C) Accounts receivable D) None of the above
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Question

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The Income Summary account is used to close revenue and expense accounts, not balance sheet accounts like Accounts Payable, Retained Earnings, or Accounts Receivable.

Which of the Following Accounts Will Be Closed by Debiting