Multiple Choice
The entry to close the revenue account(s) was entered in reverse-Income Summary was debited and the revenue account(s) was/were credited. The result of this error is that:
A) before closing it, Income Summary will have a credit balance.
B) before closing it, Income Summary will have a debit balance.
C) the assets will be overstated.
D) the liabilities will be overstated.
Correct Answer:

Verified
Correct Answer:
Verified
Q22: Accounts in which the balances are carried
Q23: To close the Fees Earned account:<br>A) debit
Q24: Sandra's Design Studio showed office supplies account
Q25: Adjusting journal entries:<br>A) need not be journalized
Q26: The post-closing trial balance is used to
Q28: There are 7 closing entries.
Q29: When the expenses are closed:<br>A) Owner's Capital
Q30: A real account is the same as
Q31: The business failed to close any of
Q32: Which of the following accounts should NOT