After closing the expense accounts, the total of the expense ...

[mp14]

After closing the expense accounts, the total of the expense accounts will appear on the debit side of the Income Summary account.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Explain why the multiple-step format of the income statement is best for analysis?
 
  What will be an ideal response?

Question 3

The balance of the Drawing account is closed to the Capital account.
 a. True
   b. False
   Indicate whether the statement is true or false

[Juro]

Answer to Question 1

True

Answer to Question 2

Many thanks to you.

Answer to Question 3

True

[mp14]

Great answer, keep it coming

[shewald78]

Thanks for the timely response, appreciate it