One of the following is a temporary account should be closed

Accounting Aug 20, 2020

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.

Expert Solution

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)

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote