When Closing Entries Are Prepared, Each Income Statement Account Is

question 82

True/False

When closing entries are prepared, each income statement account is closed directly to retained earnings.

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Definitions:

Auditory

Related to the sense of hearing or the organs and structures thereof.

Olfactory

Pertaining to the sense of smell.

Visual

Relating to seeing or to the perception of things by the sense of sight.

Tactile

Relating to the sense of touch or the sensation caused by objects coming into contact with the skin.