Closing which of the following accounts results in a debit entry to the profit or loss summary account?
A) Sales
B) Insurance expense
C) Interest revenue
D) Drawings

Question

Quizplus · Accepted Answer

Closing an expense account like Insurance Expense results in a debit entry to the profit or loss summary account, as expenses are closed by debiting the profit or loss summary and crediting the expense account.

Closing Which of the Following Accounts Results in a Debit