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متابعة

An expense is closed with a debit to the expense and a credit to the Income Summary Account. True or False?

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تم إضافة السؤال من قبل Said Shaban , Accountant , Tri State Materials Testing
تاريخ النشر: 2015/08/02
Michael Lagunday
من قبل Michael Lagunday , Accounts Assistant , Invest Group Overseas LLC

My answer is false.

Expense’s normal balance is debit. So, to close the account it has to be credited. The entry for closing expenses is debit Income and expense summary and credit to Expenses.

Mohammed Asim Nehal
من قبل Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants

F A L S E ................

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من قبل مستخدم محذوف‎

False>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

income summary accounts is new term atleast for me  it could be control accounts. expenses has to be adusted in expense only 

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