The revenue accounts debited and the Income Summary account credited would be the result of:
A) closing the Income Summary account-there is a net income.
B) closing the Income Summary account-there is a net loss.
C) closing the revenue accounts.
D) closing the expense accounts.

Question

Quizplus · Accepted Answer

Closing the revenue accounts involves debiting the revenue accounts to decrease their balances to zero and crediting the Income Summary account to transfer the revenue amounts into it. This is part of the process to prepare the accounts for the next accounting period.

The Revenue Accounts Debited and the Income Summary Account Credited