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A- Debit
B- Credit
C- all answers are false
correct answer is B
credit
a debit entry is an expense account it causes owners equity credit.
expenses account is credit within closing entry
Each expense account is credited and the income summary is debited for the sum of the balances of expense accounts. This will reduce the balance in income summary account.
A- Debit.........................................................
Every Debit has a credit if we make a T a/c
The balance b/f will be debited and the closing entry will be credited
Answer is Credit
Option number2 is the answer
When closing the entry its a credit.
b-credit......................................
Answer is B.
ACCOUNTS DEBIT CREDIT INCOME SUMMARY XXXX EXPENSES XXXX
