To close out an expense or loss account ________.
A) credit the income summary and debit expense and loss accounts
B) debit the income summary and credit expense and loss accounts
C) debit the income summary and credit revenue and expense accounts
D) credit the income summary and debit revenue and expense accounts

Question

Quizplus · Accepted Answer

To close out an expense or loss account, you debit the income summary and credit the expense and loss accounts to transfer the balances to the income summary.

To Close Out an Expense or Loss Account ________