The Journal Entry to Close Expense Accounts Includes

question 81

Multiple Choice

The journal entry to close expense accounts includes

• A) debiting the expense accounts and crediting Income Summary.
• B) debiting Income Summary and crediting the expense accounts.
• C) debiting the expense accounts and crediting the owner's capital account.
• D) debiting the expense accounts and crediting the drawing account.

---

Definitions:

Supply Chain System

A network of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

Checkout Line

The area or process where customers queue to pay for items in a retail store.

Grocery Store

A retail store that specializes in selling food and other household goods.

Transaction

An instance of buying or selling something; a business deal or action.