The Entry to Close the Revenue Account Includes a

question 111

Multiple Choice

The entry to close the revenue account includes a

• A)debit to Income Summary for $3,500.
• B)credit to Income Summary for $3,500.
• C)debit to Revenues for $70,000.
• D)credit to Revenues for $70,000.

---

Definitions:

Tangible Assets

Physical and material assets that possess intrinsic value, such as machinery, buildings, and land.

Capital Accounts

Accounts on a company's balance sheet that represent the cumulative amount of money or other resources contributed by owners plus retained earnings.

Ownership Equity

The portion of a company's assets that belongs to shareholders after liabilities have been subtracted.

Market Value

The immediate cost for transactions involving assets or services within a marketplace.