The entry to close the Depreciation Expense account may include a debit to
A) the Income Summary account and a credit to the Depreciation Expense account.
B) the Depreciation Expense account and a credit to the Accumulated Depreciation account.
C) the Accumulated Depreciation account and a credit to the Income Summary account.
D) the Depreciation Expense account and a credit to the Income Summary account.

Question

Quizplus · Accepted Answer

The entry to close the Depreciation Expense account involves debiting the Income Summary account and crediting the Depreciation Expense account to transfer the expense to the Income Summary.

The Entry to Close the Depreciation Expense Account May Include