Which of the following accounts will be closed by debiting the income summary account?


26) Which of the following accounts will be closed by debiting the Income Summary account? A) Depreciation Expense B) Account

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.

Leave a Comment