To Close a Revenue Account with a Credit Balance, Credit

question 84

True/False

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

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Definitions:

Innately Evil

The philosophical and psychological concept suggesting that humans are born with an inherent tendency towards malevolence and wrongdoing.

Psychoanalytic Theories

A set of theories originated by Sigmund Freud that emphasize unconscious processes and childhood experiences in shaping behavior and personality.

Stage Theories

Theoretical models that describe human development as occurring in distinct phases or stages with specific characteristics.

Psychosexual Theory

A theory proposed by Freud that suggests that childhood sexual experiences significantly influence personality development.