The closing entry for the Loss on Plant Assets account includes a debit to

Name: The closing entry for the Loss on Plant Assets account includes a debit to
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The closing entry for the Loss on Plant Assets account includes a debit to the Income Summary account. This is because the loss on plant assets is an expense that reduces net income for the period, and all expenses and revenues are closed to the Income Summary account in the closing process.

The Closing Entry for the Loss on Plant Assets Account