Which of the following entries properly closes a temporary account?Select one:a.Income Summary XXCashb.C.Debit CreditExpenseAccumulated Depreciation XXIncome SummaryIncome Summaryd.e.XXRetained Earnings XXDividendsDebit CreditDebit CreditXXDebit CreditIncome Summary XXRevenueXXXXDebit CreditXXXX

Answered: Which of the following entries properly…

Which of the following entries properly closes a temporary account? Select one: a. Debit Credit Income Summary XX Cashi b. XX Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which of the following entries properly closes a temporary account?
Select one:
a.
Income Summary XX
Cash
b.
C.
Debit Credit
Expense
Accumulated Depreciation XX
Income Summary
Income Summary
d.
e.
XX
Retained Earnings XX
Dividends
Debit Credit
Debit Credit
XX
Debit Credit
Income Summary XX
Revenue
XX
XX
Debit Credit
XX
XX

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