True/False
The first entry to close accounts is to credit Revenue and debit Income Summary.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q58: The final step in the accounting cycle
Q59: Eav's Event Planning bought a computer on
Q60: From the following items in the income
Q61: When closing the Withdrawal account:<br>A) Capital would
Q62: Of the following accounts, which might appear
Q64: John's Tree Service depreciation for the month
Q65: The balance in Income Summary after posting
Q66: On Petro Company's worksheet, the Revenue account
Q67: A real account is the same as
Q68: Determine the beginning assets of a business