To close the Owner's Drawing account, the entry is whichof the following?

• a. a debit to the Owner's Drawing account
• b. a credit to the Owner's Capital account
• c. a debit to the Miscellaneous Expense account
• d. a credit to the Owner's Drawing account
• e. a debit to the Cash account

In manual accounting, the Income Summary Account is closed to ________.

• a. Cash
• b. Owner's Capital
• c. Owner's Draw
• d. Revenue
• e. Expenses

To close the Rent Expense account, the closing entry is to debit the Rent Expense.

• False
• True

To close the Professional Fees Revenue account, the closing entry is to debit the Professional Fees Revenue.

• False
• True

To close the Utilities Expense Account, the closing entry is to debit the Utilities Expense.

• False
• True

To close the Interest Revenue account, the closing entry is to credit the Interest Revenue.

• True
• False

To close the Salaries Expense account, the closing entry is to credit the Salaries Expense.

• True
• False

To close the Insurance Expense account, the closing entry is to debit the Insurance Expense.

• True
• False

To close the Service Revenue account, the closing entry is to credit the Service Revenue.

• True
• False

To close the Interest Expense account, the closing entry is to debit the Interest Expense.

• True
• False

To close the Telephone Expense account, the closing entry is to credit the Telephone Expense.

• False
• True

To close the Bank Service Charge account, the closing entry is to debit the Bank Service Charge.

• True
• False