Which of the following accounts would be closed into Income Summary in the procedure of closing accounts at the end of a fiscal period?
A) Rent Payable
B) Cash
C) Insurance Expense
D) Accumulated Depreciation

Question

Quizplus · Accepted Answer

Only revenue and expense accounts are closed into Income Summary at the end of a fiscal period. Rent Payable and Accumulated Depreciation are not revenue or expense accounts, and Cash is not closed into Income Summary since it is a permanent account. Insurance Expense, however, is an expense account and would be closed into Income Summary.

Which of the Following Accounts Would Be Closed into Income