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Homework answers / question archive / One of the following is a temporary account should be closed
One of the following is a temporary account should be closed. O Assets Income Summary Retained Earnings Share Capital
Question 4 Not yet answered Marked out of 1 p Flag question Closing entries by income summary. O Debit Revenue, Debit Expense. O Credit Revenue, Credit Expense, Credit Dividends. O Debit Revenue, Credit Expense. O Debit Revenue, Credit Expense, Credit Dividends.
Answer :- Income Summary
Income summary is a kind of temporary account which consists of Income and expense, being transactioned during the year and will transferred at the end of year.
Answer :- Closing entry by Income Summary is Debit Revenue, Credit Expense
Revenue A/c Debit
To Expense A/c
To Income Summary A/c
(To Record Closing entry by Income Summary)
