In the closing process, all the revenue and expense accounts are transferred to a clearing or suspense account called
A. Other Comprehensive Income.
B. Common Shares.
C. Retained Earnings.
D. Income Summary.
Answer:D
In the closing process, all the revenue and expense accounts are transferred to a clearing or suspense account called
A. Other Comprehensive Income. B. Common Shares. C. Retained Earnings. D. Income Summary.