the entry to close expense account(s) includes a: \n\na. debit to the revenue accounts. \nb. debit to the…
the entry to close expense account(s) includes a: \n\na. debit to the revenue accounts. \nb. debit to the expense accounts. \nc. credit to retained earnings. \nd. credit to the expense accounts.
Answer
Brief Explanations:
When closing expense accounts, we need to transfer their balances to the income summary (ultimately to retained earnings). Expense accounts have debit balances. To close them, we credit the expense accounts (to zero out their balances) and debit the income summary.
Answer:
D. credit to the expense accounts.