The first step in the closing process is to close the _____________ account(s) into the ___________ account(s).
A) revenue, net income
B) income summary, revenue
C) expense, net income
D) revenue, income summary

Question

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The first step in the closing process is to close the revenue accounts into the income summary account. This involves transferring the balances of all revenue accounts to the income summary to prepare for the calculation of net income or loss.

The First Step in the Closing Process Is to Close