During the closing process, the balances of revenue, expense, and dividend accounts are transferred to Income Summary.

Name: During the closing process, the balances of revenue, expense, and dividend accounts are transferred to Income Summary.
Brand: Quizplus
Rating: 4.9 (54 reviews)

Question

Quizplus · Accepted Answer

During the closing process, the balances of revenue and expense accounts are transferred to the Income Summary account, but the balance of the dividend account is transferred directly to Retained Earnings.

During the Closing Process, the Balances of Revenue, Expense, and Dividend