The closing entry for an expense account would consist of a:
A)Debit to Income Summary and a credit to the expense account.
B)Debit to the expense account and a credit to Income Summary.
C)Credit to Retained Earnings and a debit to the expense account.
D)Credit to Revenue and a debit to the expense account.

Question

Quizplus · Accepted Answer

Closing entries for expense accounts involve debiting the Income Summary account and crediting each individual expense account to zero out their balances and transfer the year's expenses into the Income Summary account.

The Closing Entry for an Expense Account Would Consist of A