Which of the following entries will be necessary to close the Insurance Expense account at the end of the year? A.debit Income Summary and credit Insurance Expense B.debit Common Stock and credit Insurance Expense C.debit Insurance Expense and credit Common Stock D.debit Insurance Expense and credit Income Summary

Solution: "Debit Income Summary and credit Insurance Expense" will be necessary to close the…

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Which of the following entries will be necessary to close the Insurance Expense account at the end of the year? A. debit Income Summary and credit Insurance Expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following entries will be necessary to close the Insurance Expense account at the end of the year?

debit Income Summary and credit Insurance Expense

debit Common Stock and credit Insurance Expense

debit Insurance Expense and credit Common Stock

debit Insurance Expense and credit Income Summary

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