When revenue is closed,
A) Owner's Capital will be debited.
B) Income Summary will be debited.
C) Income Summary will be credited.
D) None of these are correct.

Name: When revenue is closed, A) Owner's Capital will be debited. B) Income Summary will be debited. C) Income Summary will be credited. D) None of these are correct.
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Question

Quizplus · Accepted Answer

When revenue is closed, it is transferred from the revenue accounts to the Income Summary account. Therefore, Income Summary will be credited.

When Revenue Is Closed