26) Which of the following accounts will be closed by debiting the Income Summary account? A) Depreciation Expense B) Accounts Payable C) Service Revenue D) Accumulated Depreciation 27) Which of the following accounts will be closed by crediting the Income Summary account? A) Service Revenue B) Depreciation Expense C) Accounts Payable D) Accumulated Depreciation 28) Which of the following accounts will be closed by debiting the Income Summary account? A) Owner, Capital B) Service Revenue C) Accounts Receivable D) Salaries Expense
26) Which of the following accounts will be closed by debiting the Income Summary account? A) Depreciation Expense B) Accounts Payable C) Service Revenue D) Accumulated Depreciation 27) Which of the following accounts will be closed by crediting the Income Summary account? A) Service Revenue B) Depreciation Expense C) Accounts Payable D) Accumulated Depreciation 28) Which of the following accounts will be closed by debiting the Income Summary account? A) Owner, Capital B) Service Revenue C) Accounts Receivable D) Salaries Expense
Answer
Income summary account is like a temporary account or nominal
account which records all income and an expense for the period.
Therefore, any income and expenses related accounts will be closed
by debiting or crediting to the income summary account.
26. The answer is option (A)
Depreciation expenses, as this is an expense
account which can be closed by debiting income summary account.
Whereas Accounts payable and Accumulated depreciation account is
Balance sheet items, therefore, it has no connection with Income
summary account and the Service Revenue account is income account
which could be closed by crediting income summary account.
27. Answer is option (A) Service
Revenue, this is an income account which can be closed by
crediting income summary account.
28. Answer is option (D) Salaries
expense, as this is an expense account which can be closed
by debiting income summary account.
