The balance in the Rent Expense account on the worksheet was $150.The journal entry to close the Rent Expense account is:
A)
$\begin{array}{|l|l|l|}
\hline\text { Rent Expense } & & 150 \
\hline \text { Prepaid Rent Expense } & 150\\hline
\end{array}$
B)
$\begin{array}{|l|l|}
\hline\text { Rent Expense } & 150 \
\hline \text { Income Summary } & 150\\hline
\end{array}$
C)
$$\begin{array} {| r | r | }
\hline\text { Rent Expense } & 150 \
\hline \text { Capital } & 150 \
\hline
\end{array}$$
D)
$$\begin{array}{l}
\begin{array} { | l | l | }
\hline \text { Income Summary }& 150 \
\hline \text { Rent Expense } & 150 \
\hline
\end{array}
\end{array}$$

Question

The balance in the Rent Expense account on the worksheet was $150.The journal entry to close the Rent Expense account is:
A)
$\begin{array}{|l|l|l|}
\hline\text { Rent Expense } & & 150 \
\hline  \text { Prepaid Rent Expense } & 150\\hline
\end{array}$
B)
$\begin{array}{|l|l|}
\hline\text { Rent Expense } & 150 \
\hline  \text { Income Summary } & 150\\hline
\end{array}$
C)
$$\begin{array} {| r | r | } 
\hline\text { Rent Expense } & 150 \
\hline \text { Capital } & 150 \
\hline
\end{array}$$
D)
$$\begin{array}{l}
\begin{array} { | l | l | } 
\hline \text { Income Summary }& 150 \
\hline \text { Rent Expense } & 150 \
\hline
\end{array}
\end{array}$$

Quizplus · Accepted Answer

To close an expense account, you debit Income Summary and credit the expense account.

The Balance in the Rent Expense Account on the Worksheet Rent Expense 150 Prepaid Rent Expense 150\begin{array}{|l|l|l|}\hline\text { Rent Expense } & & 150 \\\hline \text { Prepaid Rent Expense } & 150\\\hline\end{array} Rent Expense Prepaid Rent Expense ​150​150​

The Balance in the Rent Expense Account on the Worksheet $\begin{array}{|l|l|l|}\hline\text { Rent Expense } & & 150 \\\hline \text { Prepaid Rent Expense } & 150\\\hline\end{array}$