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Which of the following should be closed to Income Summary?*a. Accumulated Depreciationb. Withdrawalsc. Salary Expensed. All of these

Question

Which of the following should be closed to Income Summary?*a. Accumulated Depreciationb. Withdrawalsc. Salary Expensed. All of these
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Solution 1

The correct answer is c. Salary Expense.

Here's why:

The Income Summary account is a temporary account used during the closing process that contains a summary of all the revenue and expense accounts.

a. Accumulated Depreciation is a contra asset account and is not closed to the Income Summary a Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.

Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI  is a powerful AI-powered study tool designed to help you to solve study problem.
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