Indicate which of the following accounts will be closed to Income Summary at year-end
a) Cash
(b) Office Supplies Expense
(c) Unexpired Insurance
(d) Unearned Revenue
(e) Dividends
(f) Depreciation Expense
(g) Income Taxes Payable
(h) Accumulated Depreciation
What will be an ideal response?
b) Office Supplies Expense and (f) Depreciation Expense are the only accounts shown that will be closed to Income Summary.
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