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How do you close a revenue? A) Debit Income Summary; credit Revenue B) Debit Capital; credit Revenue C) Credit Income Summary; debit Revenue D) Credit Capital; debit Revenue
How do you close a revenue? A) Debit Income Summary; credit Revenue B) Debit Capital; credit Revenue C) Credit Income Summary; debit Revenue D) Credit Capital; debit Revenue
10 Feb 2023
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Tod ThielLv2
8 Jul 2019
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Related questions
A company had revenues of $58,500 and expenses of $45,500 forthe accounting period. The owner withdrew $6,450 in cash during thesame period. Which of the following entries could not be a closingentry? |
Debit Owner's, Capital $6,450, credit Owner's, Withdrawals$6,450.
Debit Income Summary $58,500; credit Revenues $58,500.
Debit Revenues $58,500; credit Income Summary $58,500.
Debit Income Summary $45,500, credit Expenses $45,500.
Debit Income Summary $13,000; credit Owner's, Capital$13,000.
