Which of the following accounts is not closed to Income Summary at the end of the accounting period?
A)Rent Expense
B)Service Revenue
C)Unearned Revenue
D)Supplies Expense

Question

Quizplus · Accepted Answer

Unearned Revenue is a liability account that represents revenue received before the services are performed. It is not closed to the Income Summary because it does not represent an expense or revenue of the period being closed. Instead, it will be recognized as revenue in the future when the service is performed.

Which of the Following Accounts Is Not Closed to Income