How do you close the expense accounts?
A) Debit Capital; credit the expense accounts
B) Credit Capital; debit the expense accounts
C) Credit Income Summary; debit the expense accounts
D) Debit Income Summary; credit the expense accounts

Question

Quizplus · Accepted Answer

To close expense accounts, you debit the Income Summary account and credit each expense account to transfer the total expenses to the Income Summary.

How Do You Close the Expense Accounts