identify the last closing entry: multiple choice question. close the drawing account to the owner's capital account close income summary account to the owner's capital account close expense accounts to the income summary account close revenue accounts to the income summary account

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10-12-2022
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identify the last closing entry: multiple choice question. close the drawing account to the owner's capital account close income summary account to the owner's capital account close expense accounts to the income summary account close revenue accounts to the income summary account

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-12-18T07:46:38+01:00

A closure entry is made in the journal at the end of the accounting period, transferring data from temporary accounts to permanent accounts.

After recording a closing entry, all revenue accounts are then moved to the income summary. This is done by making a journal entry debiting all revenue accounts and crediting the income summary. The next step is to determine expenses using the same process. At the conclusion of an accounting period, a closure entry is created to move money from a temporary account to a permanent account. Closure entries are used by businesses to zero out temporary accounts, which display balances for a specific accounting period. Choose the final closing entry from the list of options. close the owner's capital account's drawing account.

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