The sales revenue account has a credit balance of $367,200 at year end.After Closing entries are made,the account will:

Question

Quizplus · Accepted Answer

Closing entries are made to transfer the balances of temporary accounts (such as sales revenue) to the permanent account (such as retained earnings). As a revenue account, Sales revenue will have a normal credit balance. Therefore, after the closing entries, Sales revenue account will have a zero balance.

The Sales Revenue Account Has a Credit Balance of $367,200