The Steps in the Closing Process Are (1)close Credit Balances

question 209

True/False

The steps in the closing process are (1)close credit balances in revenue accounts to Income Summary; (2)close debit balances in expense accounts to Income Summary; (3)close Income Summary to Retained Earnings; (4)close Dividends to Retained Earnings.

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Definitions:

Land Redistribution

The process by which ownership of land is reallocated, often as a policy intended to equitize the distribution of agricultural land or to rectify historical imbalances in ownership.

Rural Freedmen

Refers to formerly enslaved African Americans who lived in rural areas of the Southern United States following the Civil War and Emancipation.

Fourteenth Amendment

An amendment to the United States Constitution, granting citizenship to all persons born or naturalized in the U.S. and guaranteeing all citizens equal protection of the laws.