Which of the following is a true statement about closing the books of a corporat

Question

          Which of the following is a true statement about closing the books of a corporation?                                                    

       Expenses are closed to the Expense Summary account.
                                        Only revenues are closed to the Income Summary account.
                                        Revenues and expenses are closed to the Income Summary account.
                                        Revenues, expenses, and the Dividends account are closed to the Income Summary account.
              

Explanation / Answer

Hi,

Revenues and expenses are closed to the Income Summary account is the correct answer.

Thanks.

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