On Petro Company's worksheet, the Revenue account had a normal balance of $3,200. The entry to close the account would include a:
A) debit to Cash for $3,200.
B) credit to Income Summary for $3,200.
C) debit to Capital for $3,200.
D) credit to Revenue for $3,200.
Correct Answer:
Verified
Q50: The balance in the J. Higgins, Withdrawals
Q51: M. Sims showed a net income of
Q52: Closing entries will:
A) decrease the Owner's Capital.
B)
Q53: The following normal account balances were found
Q54: All permanent accounts can be found:
A) on
Q56: The Income Summary account shows debits of
Q57: The balance in the Rent Expense account
Q58: After closing the revenue, expense, and withdrawal
Q59: The entry to close Income Summary (net
Q60: The entry to close the expense account(s)
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