question 1\nthe journal entry to close out a debit balance in rent expense of $200 for the period would…

question 1\nthe journal entry to close out a debit balance in rent expense of $200 for the period would be:\nanswer\ndate accounts debit credit\nrent expense 200\nretained earnings 200\ndate accounts debit credit\nrent expense 200\nincome summary 200\ndate accounts debit credit\nincome summary 200\nrent expense 200\ndate accounts debit credit\nretained earnings 200\nrent expense 200\ni dont know yet

question 1\nthe journal entry to close out a debit balance in rent expense of $200 for the period would be:\nanswer\ndate accounts debit credit\nrent expense 200\nretained earnings 200\ndate accounts debit credit\nrent expense 200\nincome summary 200\ndate accounts debit credit\nincome summary 200\nrent expense 200\ndate accounts debit credit\nretained earnings 200\nrent expense 200\ni dont know yet

Answer

Brief Explanations:

To close a debit - balance expense account (Rent Expense in this case), we debit the Income Summary account and credit the Rent Expense account. This transfers the balance of the Rent Expense account to the Income Summary account as part of the closing - process in accounting.

Answer:

Date: (not specified in closing - entry conceptually, but would be at the end of the accounting period) Accounts: Income Summary, Rent Expense; Debit: 200, Credit: 200 (corresponding to the third option in the image)