Question
When preparing closing journal entries, the item Salaries expense is closed: Select one: a. to the Profit and loss summary account. b. directly to the
When preparing closing journal entries, the item Salaries expense is closed:
Select one:
a. to the Profit and loss summary account.
b. directly to the Capital account.
c. directly to the Accumulated expenses account.
d. to the Salary payable account.
The closing entry process results in the balance of the Profit and loss summary account being closed to the:
Select one:
a. Total liabilities account.
b. Capital account.
c. Drawings account.
d. Total assets account.
The nature of the depreciation expense account is:
Select one:
a. an income account
b. an expense account
c. a liability account
d. a contra-asset account
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