Question

e journal entry to close all of a company's expense accounts would include a____ (debit/credit) to each of the expense accounts and a corresponding___ (debit/credit) to the income ____(statement/summary) account.

Answer 1

To close a company's expense accounts, you debit the income summary and credit each expense account, bringing their balances to zero as part of the year-end closing process.

Step-by-step explanation:

The journal entry to close a company's expense accounts would include a debit to each of the expense accounts and a corresponding credit to the income summary account. To close the expense accounts, one would debit the income summary for the total sum of the expenses and credit each individual expense account to bring their balances to zero. This is part of the year-end closing process in accounting to prepare the company's books for the new fiscal period.

Answer 2

Answer: credit, debit, summary

Step-by-step explanation:

just did it