A revenue account is closed with a credit to the revenue account and a debit to Income Summary.
Correct Answer:
Verified
Q56: The only accounts that are closed are
Q57: Closing entries result in the transfer of
Q58: The dollar amount of Cash on the
Q60: Rent Expense is a permanent account.
Q60: An adjusted trial balance will probably list
Q62: Which of the following actions can distort
Q63: Which of the following transactions results in
Q64: In order to make comparison easier,financial statement
Q65: The periodicity assumption recognizes that
A) the company
Q66: Making an assumption about periodicity attempts to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents