Which of the Following Accounts Will Be Closed by Debiting

question 56

Multiple Choice

Which of the following accounts will be closed by debiting the Income summary account?

• A) Depreciation expense
• B) Accounts payable
• C) Service revenue
• D) Accumulated depreciation

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given period.

Equilibrium Price

The cost at which the amount of products offered matches the amount of products requested.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a certain period of time.

Nonbinding

Describes a regulation or condition that does not restrict the actions or choices of the individuals or entities it applies to.