In preparing closing entries
A) each revenue account will be credited.
B) each expense account will be credited.
C) the owner's capital account will be debited if there is net income for the period.
D) the owner's drawings account will be debited.

Question

Quizplus · Accepted Answer

In preparing closing entries, each expense account will be credited to zero out the balances and transfer the amounts to the income summary or directly to the owner's capital account, reflecting the expenses incurred during the period.

In Preparing Closing Entries