Final answer:
The correct account to be credited when closing the rent expense for the year is the Rent Expense account. This is part of the closing entries process which zeros out temporary accounts to prepare for the new accounting period.
Step-by-step explanation:
The account that would be credited when closing the account for rent expense for the year is a. Rent Expense. In the process of closing the books at the end of an accounting period, expenses are typically closed out to the Income Summary account. This process involves creating a credit entry in the Rent Expense account and a corresponding debit entry in the Income Summary account. This zeroes out the Rent Expense account for the new accounting period.
Closing entries are part of the accounting cycle that help to reset the balances of temporary accounts – such as revenues, expenses, and dividends – so that they start at zero for the next accounting period.
After all revenues and expenses have been closed to the Income Summary account, the balance of Income Summary is then closed to Retained Earnings (for corporations) or the appropriate capital accounts (for sole proprietorships or partnerships).