Accountıng I Deneme Sınavı Sorusu #1313727
BB Company has a Service Revenue account which has a credit balance of 7,400 TL. Which of the following accounts is used for closing this account?
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Income summary |
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Accounts receivable |
|
Cash |
|
Supplies |
|
Profit/Loss |
Yanıt Açıklaması:
Service Revenue account is debited with the same amount of its credit balance and Income Summary account is credited. By doing so, BB Company closes its revenue account and transfers the balance to Income Summary account.
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