When closing the accounts at the end of the period,which of the following is closed directly into the Retained Earnings account?
A)Depreciation Expense.
B)Accumulated Depreciation.
C)Revenue and liability accounts.
D)The Income Summary account.

Question

Quizplus · Accepted Answer

The Income Summary account is closed directly into the Retained Earnings account at the end of the accounting period. This process transfers the net income (or loss) to Retained Earnings, completing the closing process.

When Closing the Accounts at the End of the Period,which