Which of the Following Is the Last Step in the Procedure

question 51

Multiple Choice

Which of the following is the last step in the procedure of closing accounts at the end of a fiscal period?

• A) Close the expense account(s) into Income Summary.
• B) Close the drawing account into the capital account.
• C) Close the revenue account(s) into Income Summary.
• D) Close the income summary account into the capital account.

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