Which of the following entries will be necessary to close the insurance expense account at the end of the year?
A)Debit Capital and credit Insurance expense
B)Debit Insurance expense and credit Income summary
C)Debit Income summary and credit Insurance expense
D)Debit Insurance expense and credit Capital

Question

Quizplus · Accepted Answer

To close an expense account, you debit the Income Summary and credit the expense account, in this case, the Insurance Expense account.

Which of the Following Entries Will Be Necessary to Close