How do you close a revenue account?
A) Debit Capital; credit Revenue
B) Credit Capital; debit Revenue
C) Credit Income Summary; debit Revenue
D) Debit Income Summary; credit Revenue
Correct Answer:
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Q12: To close the Fees Earned account,
A) debit
Q13: To close the Withdrawals account,
A) debit Withdrawals;
Q18: Closing entries are prepared:
A) to clear all
Q18: When the balance of the Income Summary
Q22: The following normal account balances were
Q23: Accounts in which the balances are carried
Q30: Which of the following columns of the
Q32: The correct order for closing accounts is:
A)
Q39: When the balance in the Income Summary
Q44: The business failed to close any of
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