The Rent Expense account had a normal balance of $2,725. The entry to close the account would include a
A) debit to Rent Expense, $2,725.
B) debit to Income Summary, $2,725.
C) debit to Capital, $2,725.
D) credit to Income Summary, $2,725.
Correct Answer:
Verified
Q23: On Flex Company's worksheet the revenue account
Q24: The balance in the J. Higgins, Withdrawals
Q25: After closing the revenue, expense, and withdrawal
Q26: The following normal account balances were
Q27: The balance in the Rent Expense account
Q29: B. Benson's worksheet showed the revenue account,
Q30: The Income Summary account shows debits of
Q31: How do you close the expense accounts?
A)
Q32: The entry to close the expense account(s)
Q33: Closing entries will
A) increase the Owner's Capital.
B)
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