During the closing process, Accumulated Depreciation Equipment will Multiple Choice O be closed to the income summary account be closed to the capital account be closed to the drawing account not be closed Which of the following is the final step in the accounting cycle? Multiple Choice O record adjusting entries interpret the financial information prepare a postclosing trial balance prepare financial statements The entry to close an expense account requires a credit to the Income Summary account True or False True False Identify the item below that is NOT one of the steps in an accounting cycle. Multiple Choice O prepare the financial statements. prepare the post-closing trial balance. journalize and post the adjusting entries. prepare invoices for customers