Accountıng I Deneme Sınavı Sorusu #1313726

Which of the following is not true for closing entries?


Includes transferring the balances of the revenue and expense accounts to Income summary account.

Includes transferring Income Summary account’s balance to Capital account.

If revenues exceeds expenses then profit occurs.

Profit and loss are transferred to the capital account.

In order to close revenue accounts, the revenue account must be credited.


Yanıt Açıklaması:

In order to close revenue accounts, the revenue account must be debited.

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