To close a revenue account with a credit balance, credit the account for its balance and debit the income summary account.
Correct Answer:
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Q2: The purpose and use of the income
Q4: A separate explanation of each closing entry
Q8: To close the income summary account with
Q8: Current liabilities are liabilities that are due
Q10: The Account Title and Balance Sheet columns
Q11: Property,plant,and equipment are assets that are expected
Q14: The statement of owner's equity is prepared
Q15: To close an expense account with a
Q16: An income statement is an itemized statement
Q18: A mortgage on an office building is
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