An expenses account is closed by a debit to
Options
A) an asset account and a credit to the expenses account
B) the expenses account and a credit to an asset account
C) profit and loss account and a credit to the expenses account >>>>>>
D) the expenses account and a credit to profit and loss account
The correct answer is C.
N.B
Expense accounts are categories within the business’s books that show how much it has spent on its day-to-day running costs. An expenses account is closed by a debit to profit and loss account and a credit to the expenses account.
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