How do you close a revenue account?
A) Debit Capital; credit Revenue
B) Credit Withdrawals; debit Revenue
C) Credit Income Summary; debit Revenue
D) Debit Income Summary; credit Revenue
Correct Answer:
Verified
Q21: To close the Withdrawals account:
A) debit Withdrawals;
Q22: Which of the following accounts is a
Q23: Accounts in which the balances are carried
Q24: When the balance in the Income Summary
Q25: When the balance of the Income Summary
Q27: Closing entries:
A) need not be journalized since
Q28: Income Summary:
A) is a temporary account.
B) is
Q29: Which of the following accounts should NOT
Q30: Which of the following columns of the
Q31: How do you close the expense accounts?
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents