Which of the Following Accounts Will Be Closed by Crediting

question 150

Multiple Choice

Which of the following accounts will be closed by crediting the Income Summary account?

• A) Service Revenue
• B) Depreciation Expense
• C) Accounts Payable
• D) Accumulated Depreciation

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Definitions:

Investments

Funds committed into ventures with the expectation of earning a return or profit.

Withdraw

To withdraw means to take out funds from an account, remove participation in an activity, or retract from a position or commitment.

Retire

To withdraw a financial instrument from circulation, or for an individual to leave the workforce and cease employment.

Invested

The action of allocating resources, usually money, with the expectation of generating an income or profit.