During the closing process: A) all income statement accounts are credited to inc

Question

During the closing process: A) all income statement accounts are credited to income summary B) all income statement accounts are debited to income summary C) all revenue accounts are credited and expense accounts are debited D) all revenue accounts are debited and expense accounts are credited During the closing process: A) all income statement accounts are credited to income summary B) all income statement accounts are debited to income summary C) all revenue accounts are credited and expense accounts are debited D) all revenue accounts are debited and expense accounts are credited

Explanation / Answer

The option C) all revenue accounts are credited and expense accounts are debited is correct.

Explanation:

In the closing process all of the revenue accounts are credited and expense accounts are debited to the income summary account in order to ascertain the net profit.

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