To close temporary accounts,credit each revenue and gain account,debit each expense and loss account,and record the difference to Retained Earnings.

Name: To close temporary accounts,credit each revenue and gain account,debit each expense and loss account,and record the difference to Retained Earnings.
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Temporary accounts are closed by debiting revenue and gain accounts, crediting expense and loss accounts, and recording the difference to the Income Summary account, not directly to Retained Earnings.

To Close Temporary Accounts,credit Each Revenue and Gain Account,debit Each