What is the first step in the closing process?
A)Close the expense accounts to income summary.
B)Close the Drawing account into the Capital account.
C)Close the revenue account(s) into Income Summary.
D)Close the Income Summary account into the Capital account.

Question

Quizplus · Accepted Answer

The first step in the closing process is to close the revenue account(s) into Income Summary. This involves transferring the credit balance from revenue accounts to Income Summary account.

What Is the First Step in the Closing Process