The entry to close revenue accounts:
A) increases total assets.
B) decreases total assets.
C) decreases retained earnings.
D) increases retained earnings.
Correct Answer:
Verified
Q123: The entry to close the Dividends account
Q124: The closing process applies only to permanent
Q125: Closing entries transfer the revenue, expense, and
Q126: During the closing process, Retained Earnings is
Q127: Permanent accounts include:
A)cash, service revenue and land.
B)cash,
Q130: The entry to close expense account(s):
A)increases total
Q131: Which of the following accounts is considered
Q133: Liabilities are classified as current or long-term.
Q152: The entry made to close Service Revenue
Q180: Closing entries transfer net income or loss
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