The Most Efficient Way to Accomplish Closing Entries Is to

question 133

Multiple Choice

The most efficient way to accomplish closing entries is to

• A) credit the income summary account for each revenue account balance.
• B) debit the income summary account for each expense account balance.
• C) credit the dividends balance directly to the income summary account.
• D) credit the income summary account for total revenues and debit the income summary account for total expenses.