1. After all the steps to close the books are completed, what accounts are closed out (zeroed out) at the end of the accounting period and they are closed into what type of account? a) Asset and Liability accounts are closed into an Equity account b) Revenue and Expense accounts are closed into a Liability account c) Revenue and Expense accounts are closed into an Equity account d) Revenue and Expense accounts are closed into a Contra account Answer 2. After all the steps to close the books, at the end of the accounting period, are completed the balance in the Income Summary Account will be: Answer 3. What type of accounts are listed on the balance sheet? a) Revenue and Expense and Equity b) Asset, Liabilities and Equity c) Asset and Revenue d) Revenue and Expense Answer-b) Asset, Liabilities and Equity 4. Based on the following information what would be the ending balance on a Company's 12/31/19 StatemeRof Owner's Equity? Total Assets at 12/31/19 Total Liabilities at 12/31/19 Total Revenue in 2019 Total Expenses in 2019 Owner's Withdrawals in 2019 Owner's Equity as of 1/1/2019 $500,000 $400,000 $900,000 $750,000 $100,000 $ 50,000 Ending balance on a Company's 12/31/19 Statement of Owner's Equity = $ Answer here 5. If a Company had a $100,000 net income for the year the final journal entry to close out the income Summary Account would be: Account Debit Credit Answer here Answer here