Each of the following accounts is closed to Income Summary except
A) Expenses.
B) Owner's Drawings.
C) Revenues.
D) All of these are closed to Income Summary.

Question

Quizplus · Accepted Answer

Expenses and Revenues are closed to Income Summary because they represent the main activities of the business during the period. Owner's Drawings are not closed to Income Summary because they represent the owner's withdrawals from the business, and are not related to the business activities or revenues during the period.

Each of the Following Accounts Is Closed to Income Summary