Answered: When expense accounts are closed,…

When expense accounts are closed, __________. the owner's capital account is credited the expense accounts are debited the Income Summary is debited the Income Summary is credited

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 2AYU

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Question

When expense accounts are closed, __________.

	the owner's capital account is credited
	the expense accounts are debited
	the Income Summary is debited
	the Income Summary is credited

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