The Closing Entry for an Expense Account Would Consist of A

question 50

Multiple Choice

The closing entry for an expense account would consist of a:

• A)Debit to Income Summary and a credit to the expense account.
• B)Debit to the expense account and a credit to Income Summary.
• C)Credit to Retained Earnings and a debit to the expense account.
• D)Credit to Revenue and a debit to the expense account.

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Definitions:

Distribution Method

The strategy or means by which a product or service is delivered to the consumer.

Digital Document

A document that is created, stored, and viewed in an electronic format.

File Format

A standard way that information is encoded for storage in a computer file.

Distributing Business Messages

The process of sharing information related to business activities, updates, or policies across an organization or with external stakeholders.