Closing entries never involve posting a credit to the:
A)Income Summary account.
B)Accumulated Depreciation account.
C)Dividends account.
D)Depreciation Expense account.

Question

Quizplus · Accepted Answer

Closing entries involve transferring the balances of temporary accounts (revenues, expenses, and dividends) to the permanent capital account. This involves debiting the temporary accounts and crediting the Income Summary account. However, accumulated depreciation is a permanent account and its balance is not transferred to another account through closing entries. Therefore, option B is the correct answer.

Closing Entries Never Involve Posting a Credit to The