The following question was designed to test your knowledge of closing entries. If the account is Column
"A" should be closed indicate in Column "B" whether the accounts in Column "A" should be "Debited"
or "Credited" during the closing entry process. If the account in Column "A" should not be closed
indicate "Not Closed" in Column "B." Further, indicate in Column "C" the account that the item is
Column "A" should be closed to. If the account is Column A is not closed indicate "N/A" in Column "C."

(A) (B) ( C)
Account Name (Debit/Credit/Not Closed) Closed to Account?
1 Accounts Receivable
2 Service Revenue
3 Owners Capital
4 Income Summary (Net income)
5 Owners Withdrawals

Answer rating: 100% (QA)

Heres the table with closing entries information A Account Name B Closed To DebitCredit C Closed To ... View the full answer