Each individual expense account is debited when closing, and the total of all the expense accounts is transferred to Income Summary.

Name: Each individual expense account is debited when closing, and the total of all the expense accounts is transferred to Income Summary.
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Question

Quizplus · Accepted Answer

When closing, each individual expense account is debited to transfer its balance to the Income Summary account, but it is the Income Summary account that is credited, not the expense accounts.

Each Individual Expense Account Is Debited When Closing, and the Total