Homework Answers
All expenses have normal debit balances. Hence, to close expense accounts. expenses are credited and income summary is debited.
The following journal entry will be made to close expensses :
Journal
|
Account Title and Explanation |
Debit | Credit |
| Income summary | 59,000 | |
| wages expense | 31,000 | |
| Rent expense | 25,000 | |
| Depreciation expense | 3,000 | |
| (To close expenses) |
Fourth option is correct
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