With closing entries, you would expect to find all of the following except
A)debit Unearned Rent; credit Income Summary
B)debit Sales Revenue; credit Income Summary
C)debit Income Summary; credit Dividends Distributed
D)debit Income Summary; credit Loss on Sale of Land

Question

Quizplus · Accepted Answer

Unearned Rent is a liability account and is not closed to Income Summary; it is not part of the closing entries process.

With Closing Entries, You Would Expect to Find All of the Following