With closing entries, you would expect to find all of the following except
A) debit Unearned Rent; credit Income Summary.
B) debit Sales Revenue; credit Income Summary.
C) debit Retained Earnings; credit Dividends.
D) debit Income Summary; credit Loss on Sale of Land.

Question

Quizplus · Accepted Answer

Unearned Rent is a liability account and is not closed to Income Summary. Closing entries typically involve revenue, expense, and dividend accounts.

With Closing Entries, You Would Expect to Find All of the Following