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 is correct.

Question

Quizplus · Accepted Answer

When revenue is closed, it is transferred to the Income Summary account. Income Summary is a temporary account used to close all revenue and expense accounts at the end of an accounting period. Since revenue is a credit account, it will be credited to Income Summary.

When Revenue Is Closed