To Close a Revenue Account with a Credit Balance,debit the Account

question 89

True/False

To close a revenue account with a credit balance,debit the account for its balance and credit the income summary account.

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Definitions:

PLC

Programmable Logic Controller; a digital computer used for automation of electromechanical processes, such as control of machinery on factory assembly lines.

Memory Area

A specific location within a computer or device storage where data is kept for retrieval and manipulation.

Computer

Any electronic device that can accept information, manipulate it according to a set of preprogrammed instructions, and supply the results of the manipulation.

Files

Digital documents or records stored in a computer system or other storage devices.