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Which of the following statements regarding closing journal entries is correct? A) Revenue accounts are debited and...

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Accounting

Which of the following statements regarding closing journalentries is correct?

A) Revenue accounts are debited and the income summary accountis credited.

B) Expense accounts are debited and the income summary accountis credited.

C)Expense accounts are credited and retained earnings account isdebited.

D)Revenue accounts are debited and retained earnings account iscredited.  

Please explain

Answer & Explanation Solved by verified expert
4.2 Ratings (478 Votes)
Closing entry or closing journal entries are fiscal year end entries used to transfer balance of temporary account viz revenue expenses and capital withdrawal account to permanent capital account the    See Answer
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