Which of the following accounts will be closed by crediting the Income summary account?
A)Accounts payable
B)Service revenue
C)Depreciation expense
D)Accumulated depreciation

Question

Quizplus · Accepted Answer

Service revenue is a revenue account, and at the end of the accounting period, its balance will be transferred to the Income summary account. Therefore, closing the Service revenue account involves crediting it to the Income summary account. Accounts payable, depreciation expense, and accumulated depreciation are not revenue accounts and will not be closed by the Income summary account.

Which of the Following Accounts Will Be Closed by Crediting