To close a revenue account with a credit balance,debit the account for its balance and credit the income summary account.
Correct Answer:
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Q2: The purpose and use of the income
Q3: A statement of owner's equity is a
Q4: A separate explanation of each closing entry
Q5: The income summary account is an account
Q6: The income summary account appears on the
Q8: To close the income summary account with
Q9: A form of balance sheet that lists
Q10: The Account Title and Balance Sheet columns
Q11: Property,plant,and equipment are assets that are expected
Q12: Long-term liabilities are liabilities that are due
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