Kizspy Question: 30
(Choose 1 answer)
A company has the following account balances before closing entries are made: Service Revenue $100,000,
Rent Expense $20,000, Salaries Expense $30,000, and Dividends $10,000. What is the closing entry for the
expense accounts?
A. Debit Income Summary $50,000; Credit Rent Expense $20,000, Credit Salaries Expense $30,000
B. Debit Income Summary $100,000; Credit Service Revenue $100,000
C. Debit Rent Expense $20,000, Debit Salaries Expense $30,000; Credit Income Summary $50,000
D. Debit Dividends $10,000; Credit Income Summary $10,000
E. Debit Income Summary $50,000; Credit Rent Expense $10,000, Credit Salaries Expense $40,000
