Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the last step (closing entry) in the closing process? Select one: a. debit income summary and credit the expenses accounts. b. debit to

What is the last step (closing entry) in the closing process?

Select one:

a. debit income summary and credit the expenses accounts.

b. debit to owner's capital for the balance of the withdrawals account and credit the withdrawals account.

c. credit income summary and debit the revenue accounts.

d. debit revenue account and credit income summary

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Business Decisions

Authors: Colin Drury

2nd Edition

1861527705, 978-1861527707

More Books

Students also viewed these Accounting questions