To close the depreciation expense account
A) income summary is debited and owner's capital is credited.
B) income summary is debited and the depreciation expense is credited.
C) income summary is credited and the owner's capital is debited.
D) income summary is credited and the depreciation expense is debited.

Question

Quizplus · Accepted Answer

To close the depreciation expense account, the income summary account is debited, and the depreciation expense account is credited. This transfers the expense to the income summary account as part of the process of closing the books.

To Close the Depreciation Expense Account