The entry made to close service revenue would include:

Name: The entry made to close service revenue would include:
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Question

Quizplus · Accepted Answer

To close Service Revenue, we would debit Service Revenue account and credit the Retained Earnings account. This is because Service Revenue is an income account and as per the closing process, we need to transfer the balance of all revenue accounts to the Retained Earnings account which will ultimately increase the equity of the company. Therefore, option D is the correct answer.

The Entry Made to Close Service Revenue Would Include