The income statement for the year 2014 of Poole Co. contains the following information: 
The entry to close the revenue account includes a
A) debit to Income Summary for $2,500.
B) credit to Income Summary for $2,500.
C) debit to Revenues for $75,000.
D) credit to Revenues for $75,000.
Correct Answer:
Verified
Q62: Closing entries are journalized and posted
A) before
Q64: Closing entries
A) are prepared before the financial
Q65: The Income Summary account is an important
Q74: In preparing closing entries
A) each revenue account
Q75: The balance in the income summary account
Q87: If Income Summary has a credit balance
Q89: After closing entries are posted, the balance
Q90: The income statement for the month of
Q94: The income statement for the month of
Q96: The income statement for the month of
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