Which statement is incorrect?
A) Revenue accounts are closed to Income Summary.
B) Income Summary is closed to Capital.
C) Withdrawals are closed to Income Summary.
D) Expense accounts are closed to Income Summary.
E) Withdrawals are closed to Capital.
Correct Answer:
Verified
Q19: If, in preparing a work sheet, an
Q20: Accounts that are used to describe assets,
Q21: A trial balance prepared after the adjusting
Q22: The J. Dawson, Capital account has a
Q23: Current liabilities become due
A)Within the operating cycle
Q25: Which of the following is the final
Q26: The Income Summary account is used
A)To replace
Q27: A company had revenues of $75,000, withdrawals
Q28: Current Liabilities
A)Are listed in order of liquidity.
B)Are
Q29: The asset section of a classified balance
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