Closing entries never involve posting a credit to the: Multiple Choice Depreciation Expense account. Dividends account. Accumulated Depreciation account. Income Summary account.
Added by Sean M.
Step 1
Closing entries are made at the end of an accounting period to transfer the balances of temporary accounts (revenues, expenses, dividends) to permanent accounts (usually Retained Earnings). This resets the temporary accounts to zero for the next period. Show more…
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