The entry to close expenses would involve (a)
A) debit to Income Summary
B) debit to drawing.
C) credit to net income.
D) debits to expense accounts.

Question

Quizplus · Accepted Answer

The entry to close expenses involves debiting the Income Summary account and crediting each individual expense account to bring their balances to zero, transferring the total expenses into the Income Summary account.

The Entry to Close Expenses Would Involve (A)