Which of the Following Accounts Will Be Closed by Debiting

question 1

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:

Case Summary

A condensed description outlining the major points and legal decisions in a case.

Digest

A comprehensive compilation or summary of laws, cases, or articles on specific topics.

Headnote

A note, usually a paragraph long, near the beginning of a reported case summarizing the court’s ruling on an issue.

A.L.R.

American Law Reports, a legal publication series that includes annotations on wide-ranging legal issues for reference by attorneys and judges.