The journal entry to close revenue accounts includes
a.
debiting the revenue accounts and crediting Income Summary.
b.
debiting Income Summary and crediting the revenue accounts.
c.
debiting the revenue accounts and crediting Cash.
d.
debiting the revenue accounts and crediting the drawing account.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The journal entry to close revenue accounts includes a. debiting the revenue accounts and crediting Income Summary. b. debiting Income ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Kevin wants Ron to be able to provide physical documentation that his buyers will actually make the purchases he is going to "book and hold.
Answers (2)
Aria has heard a rumor that a major food company will be forced to recall millions of jars of peanut butter. due to contamination If the rumors are true, the company's stock price will decline sharply.
Answers (1)
Shareholders' equity: a. is equal to total assets plus total liabilities. b. decreases whenever new shares of stock are issued. c. represents the residual value of a firm. d. includes long-term debt, preferred stock, and common stock. e.
Answers (1)
While on a trip to South Africa, Elena was impressed with colorful woven outdoor placemats, floor mats, chair cushions, and umbrellas that local artisans were weaving. Upon returning to the U. S., she was confident that U. S.
Answers (1)
Salt is the only mineral that's harvested from the salar de uyuni. a. True b. False
Answers (1)
New Questions in Business
Zilly Co. predicts sales of $176,000 for June. Zilly pays a sales manager a monthly salary of $6,900 and a commission of 7% of that month's sales dollars. Prepare a selling expense budget for the month of June.
Answers (1)
Which of the following would increase the future value of a single cash flow? (A) decrease in the cash flow (B) an increase in the interest rate (C) a decrease in the time period (D) a decrease in the time period
Answers (1)
Diaz Company owns a machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation.
Answers (1)
Which of the following is considered to be an intangible or less visible cost that companies may incur when ethical wrongdoing is discovered and punished? A. A) Costs of providing remedial education and ethics training to company personnel B.
Answers (2)
What matters to people is the face value of money or income. a. True b. False?
Answers (1)