The first entry to close accounts is to credit Revenue and debit Income Summary.
Correct Answer:
Verified
Q89: Identify whether the entries below are an
Q90: Identify whether the entries below are an
Q91: Closing entries are not included in the
Q92: Depreciation Expense is closed to Income Summary,
Q93: Identify whether the entries below are an
Q95: Income Summary has a credit normal balance.
Q96: Identify whether the entries below are an
Q97: A real account is the same as
Q98: The income statement and balance sheet sections
Q99: Each individual revenue account is debited when
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents