Closing Entries

Which of the following accounts are not closed?

• miscelanneous expense

• prepaid expense

• salary expense

• utility expense

All of the following accounts are permanent, EXCEPT:

• cash

• unearned revenue

• accrued salaries payable

• insurance expense

Temporary accounts are closed to what account?

• Income account

• Revenue account

• Income summary account

• Drawing account

Which of the following is a correct closing entry?

• Dr. Income Summary

  Credit. Expense account

• Dr. Expense account

  Dr. Income Summary

Which of the following is a correct closing entry?

• Dr. Income Summary

  Cr. Revenue account

• Dr. Revenue account

  Cr. Income Summary

The drawing account is closed to the capital account through

• Dr. Drawing account

  Cr. Capital account

• Dr. Capital Account

  Cr. Drawing Account

If Expense > Revenue, what will be the correct closing entry?

• Dr. Capital account

  Cr. Income Summary

• Dr. Income Summary

  Cr. Capital account

These are journal entries used to empty temporary accounts at the end of a reporting period and transfer their balance into permanent accounts.

• journal entries

• adjusting entries

• closing entries

• reversing entries