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

Question

Quizplus · Accepted Answer

At the end of the year, the Depreciation Expense account is closed to the Income Summary account by debiting Income Summary and crediting Depreciation Expense.

Which of the Following Entries Will Be Necessary to Close