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income summary account.
false
Depreciation Expense
It would be closed to this summary. This is because they are considered a form of contra revenue accounts.
Income Summary
income summary account.
Accounts receivable
false
Depreciation Expense
It would be closed to this summary. This is because they are considered a form of contra revenue accounts.
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
Income Summary
Depreciation Expense
Drawing account is not a permanent account rather it is temprary account which is closed to owners equity account at every year closing period.
All revenue and expense accounts should be closed to the income summary account, as shown:Revenue xxIncome Summary xxTo close revenue accounts.Income Summary xExpenses xTo close expense accounts.If the business is a merchandising company, the following transactions must also be recorded.Income Summary xxInventory xxTo close opening inventory.Inventory xxIncome Summary xxTo record ending inventory.Supplies Expense
Which of the following accounts will be closed to the Capital account at the end of the fiscal year?
income summary