In the closing process,expenses and dividends are zeroed out by ________ each account and revenues are zeroed out by ________ each account.
A)crediting;debiting
B)crediting;crediting
C)debiting;crediting
D)debiting or crediting (depending on the account);crediting

Question

Quizplus · Accepted Answer

The first closing entry debits each revenue account for the amount of its credit balance,credits each expense account for the amount of its debit balance,and records the difference in Retained Earnings.

In the Closing Process,expenses and Dividends Are Zeroed Out by ________