In order to close a revenue account, the
A) income summary account should be credited.
B) income summary account should be debited.
C) owner's drawings account should be credited.
D) owner's drawings account should be debited.
Correct Answer:
Verified
Q17: The adjustments on a worksheet can be
Q40: If total credits in the income statement
Q41: Which of the following is a true
Q42: Closing entries are journalized in the
A) trial
Q43: An error has occurred in the closing
Q45: Closing entries
A) are prepared before the financial
Q46: The owner's capital account is
A) a permanent
Q48: A post-closing trial balance will show
A) only
Q49: Closing entries are made
A) in order to
Q63: In order to close the owner's drawings
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