Which of the Following Accounts Will Be Closed by Debiting

question 54

Multiple Choice

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

• A) Retained Earnings
• B) Service Revenue
• C) Accounts Receivable
• D) Salaries Expense

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Definitions:

Print Advertising

Advertising in newspapers, magazines, newsletters, and other printed materials intended for distribution.

Additional Hours

Extra hours worked beyond the standard or scheduled work hours, often resulting in overtime pay.

Finishing Time

The time at which a process, task, or activity is completed.

Profit Change

The difference in profit amounts between two periods, indicating an increase or decrease in profitability.