The entry to close expense account(s) :
A) increases total assets.
B) decreases total assets.
C) decreases retained earnings.
D) increases retained earnings.
Correct Answer:
Verified
Q125: Closing entries transfer the revenue, expense, and
Q126: During the closing process, Retained Earnings is
Q127: Permanent accounts include:
A)cash, service revenue and land.
B)cash,
Q128: The entry to close revenue accounts:
A)increases total
Q131: Which of the following accounts is considered
Q133: Liabilities are classified as current or long-term.
Q134: The following accounts are listed in order
Q152: The entry made to close Service Revenue
Q164: Kincaid Company's Retained Earnings balance on January
Q180: Closing entries transfer net income or loss
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents