The income statement for the year 2010 of Poole Co. contains the following information: 
The entry to close the revenue account includes a
A) debit to Income Summary for $3,500.
B) credit to Income Summary for $3,500.
C) debit to Revenues for $70,000.
D) credit to Revenues for $70,000.
Correct Answer:
Verified
Q62: Closing entries are journalized and posted
A) before
Q65: The Income Summary account is an important
Q69: Closing entries may be prepared from all
Q71: The income statement for the month of
Q72: In preparing closing entries
A) each revenue account
Q73: The income statement for the month of
Q77: The most efficient way to accomplish closing
Q79: The closing entry process consists of closing
A)
Q79: The income statement for the month of
Q80: After closing entries are posted the balance
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