The entry to close revenue accounts involves
A)a debit to Income Summary and credits to all the revenue accounts.
B)debits to all the revenue accounts and a credit to Income Summary.
C)debits to all the expense accounts and credits to all the revenue accounts.
D)a debit to Retained Earnings and a credit to Income Summary.
E)a debit to Income Summary and a credit to Retained Earnings.

Question

Quizplus · Accepted Answer

Closing revenue accounts involve transferring the balance of revenue accounts to Income Summary account. This is done by debiting all the revenue accounts and crediting the Income Summary account.

The Entry to Close Revenue Accounts Involves