Which of the Following Entries Will Be Necessary to Close

question 123

Multiple Choice

Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?

• A) Debit Accumulated depreciation and credit Income summary.
• B) Debit Depreciation expense and credit Income summary.
• C) Debit Income summary and credit Accumulated depreciation.
• D) Debit Income summary and credit Depreciation expense.

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Definitions:

Knowledge Sets

Collections of information, skills, and expertise that an individual or system possesses.

Integrated

Integrated refers to systems, processes, or organizations that are coordinated and combined in a unified manner, ensuring seamless operation and efficiency.

Competitive Advantage

A condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.

Human Resources

The department within an organization that handles recruitment, management, and direction for the people who work in the organization.