Which of the following accounts will be closed to the Capital account at the end of the fiscal year?
A) Rent Expense
B) Fees Earned
C) Income Summary
D) Depreciation Expense

Question

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The Income Summary account is used to summarize all revenue and expense accounts for the fiscal year. At the end of the year, this account is closed to the Capital account, so that the net income for the year becomes a part of the owner's equity in the business. Rent Expense, Fees Earned, and Depreciation Expense are not closed directly to the Capital account.

Which of the Following Accounts Will Be Closed to the Capital