Which of the following is not a true statement?

Name: Which of the following is not a true statement?
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Question

Quizplus · Accepted Answer

Retained earnings are closed with a credit, not a debit. When the income statement accounts are closed at the end of an accounting period, their balances are transferred to retained earnings, which is a part of the equity section on the balance sheet. Since retained earnings have a normal credit balance, they are closed with a credit entry.

Which of the Following Is Not a True Statement