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what is correct anwer #2) How do you close the expense accounts? A) Debit Capital; credit the expense accounts B) Credit Capital; debit the expense

what is correct anwer

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#2) How do you close the expense accounts? A) Debit Capital; credit the expense accounts B) Credit Capital; debit the expense accounts C) Credit Income Summary; debit the expense accounts Dj Debit Income Summary; credit the expense accounts 83) All permanent accounts can be found A) on the Income Statement. Bj on the Statement of Owner's Equity. C) on the Balance Sheet. D) Permanent accounts do not appear on the financial statements 84) Closing entries will A) increase the Owner's Capital B) decrease the Owner's Capital balance. C) either increase or decrease Owner's Capital. DJ not affect the Owner's Capital balance. 85) On Flex Company's worksheet the revenue account had a normal balance of $4,100. The entry to close the account would include a A) debit to Income Summary for $4,100. B) credit to Income Summary for $4,100. () debit to Flex, Capital for $4,100. D) credit to Revenue for $4, 100. 86) The Kent Expense account had a normal balance of $2,725. The entry to close the account would include a A) debit to Rent Expense, $2,725, B) debit to Income Summary, $2,725. C) debit to Capital, $2,725. Dj credit to Income Summary, $2,725. 87) M. Smuts showed a net income of $5,250. The entry to close the Income Summary account would include a A) debit to M. Smuts Capital, $5,250. B) credit to M. Smuts Capital, $5,250. C) debit to Income Summary, $5,250 D) Both B and C are correct

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