How do you close the expense accounts?

A) Debit Capital; credit the expense accounts
B) Credit Capital; debit the expense accounts
C) Credit Income Summary; debit the expense accounts
D) Debit Income Summary; credit the expense accounts

Income Summary

An account used in the closing process to collect the balance of all temporary accounts and transfer the result to permanent equity accounts.

Expense Accounts

Ledger accounts that record the costs incurred by a business in its operational activities, excluding the cost of goods sold.

Capital

The financial resources or assets owned by a business used to fund its operations and growth.