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An accountant passed the closing entries of the expenses and then closed all the expense accounts by crediting them. Which account should she debit to complete the dual aspect of the journal entry

Sagot :

Zviko

Answer:

Profit and Loss Account or Income Statement

Explanation:

When closing off an expense, we debit the Expense Account and Credit the Profit and Loss Account or Income Statement. This is because an Expense is accounted as a decrease in the profit of the company. The Final Statement that reports profit is the Profit and Loss Account or Income Statement.

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