Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Experience the convenience of getting accurate answers to your questions from a dedicated community of professionals. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

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.

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.