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

Question

Quizplus · Accepted Answer

Closing the depreciation expense involves transferring its balance to the income summary account, which is done by debiting Income Summary and crediting Depreciation Expense.

Which of the Following Entries Will Be Necessary to Close