True/False
The closing entry for revenue accounts includes a debit to Retained Earnings and a credit to all revenue accounts.The closing entry for revenue accounts includes a debit to all revenue accounts and a credit to Retained Earnings.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q1: Which of the following is a possible
Q2: A post-closing trial balance is a list
Q3: At December 31,2018,a company has received,but not
Q4: Air France collected cash on February 4
Q6: Adjusting entries:<br>A)Often include the Cash account.<br>B)Usually are
Q7: The post-closing trial balance does not include
Q8: The following financial information is from
Q9: The Supplies account is an example of
Q10: Which accounting principle states that a company
Q11: Of the following six accounts,which ones have