The income statement for the year 2018 of Fugazi Co. contains the following information: 
The entry to close the revenue account includes a
A) debit to Income Summary for $7,500.
B) credit to Income Summary for $7,500.
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
Q64: After closing entries are posted, the balance
Q66: The income statement for the month of
Q67: The most efficient way to accomplish closing
Q69: The final closing entry to be journalized
Q71: Which of the following is a true
Q72: The income statement for the year 2018
Q74: In preparing closing entries
A) each revenue account
Q75: The income statement for the month of
Q76: The income statement for the month of
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