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The steps in the closing process are (1) close credit balances in re.pdf

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The steps in the closing process are (1) close credit balances in revenue accounts to Income Summary; (2) close debit balances in expense accounts to Income Summary; (3) close Income Summary to Retained Earnings; (4) close Dividends to Retained Earnings. Solution Answer is 3 close Income Summary to Retained Earnings balance of income summary is transferred to retained earning and income summary account is closed at year end..

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The steps in the closing process are (1) close credit balances in revenue accounts to Income Summary; (2) close debit balances in expense accounts to Income Summary; (3) close Income Summary to Retained Earnings; (4) close Dividends to Retained Earnings. Solution Answer is 3 close Income Summary to Retained Earnings balance of income summary is transferred to retained earning and income summary account is closed at year end.

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