the entry to close expense account(s) includes a:\n\na. debit to the expense accounts.\nb. credit to…
the entry to close expense account(s) includes a:\n\na. debit to the expense accounts.\nb. credit to retained earnings.\nc. credit to the expense accounts.\nd. debit to the revenue accounts.
Answer
Brief Explanations:
Expense accounts have debit balances. To close them (zero out their balances), we credit the expense accounts. Retained Earnings is debited (not credited as in B) when closing expenses. Debiting expense accounts (A) would increase their balance (opposite of closing). Debiting revenue accounts (D) is for closing revenue accounts, not related to closing expense accounts.
Answer:
C. credit to the expense accounts.