Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?
A) Salaries Expense
B) Fees Earned
C) Unearned Rent
D) Depreciation Expense

Name: Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? A) Salaries Expense B) Fees Earned C) Unearned Rent D) Depreciation Expense
Brand: Quizplus
Rating: 4.8 (41 reviews)

Question

Quizplus · Accepted Answer

Unearned Rent is a liability account and is not closed to Income Summary. Only revenue and expense accounts are closed to Income Summary.

Which of the Following Accounts Will Not Be Closed to Income