The entry to close the Depreciation Expense account would include a debit to:
A)the Income Summary and a credit to Cash.
B)the Income Summary account and a credit to the Depreciation Expense account.
C)the Cash account and a credit to the Income Summary account.
D)the Depreciation Expense account and a credit to the Income Summary account.

Question

Quizplus · Accepted Answer

The entry to close the Depreciation Expense account involves debiting the Income Summary account and crediting the Depreciation Expense account to transfer the expense to the Income Summary.

The Entry to Close the Depreciation Expense Account Would Include