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:

Stratified Squamous

Refers to a type of epithelial tissue consisting of several layers of flat cells designed to protect underlying tissues in areas subject to abrasion.

Epithelial Tissue

Sheetlike animal tissue that covers outer body surfaces and lines internal tubes and cavities.

Hormonal Control

The regulation of bodily functions by hormones, which are chemicals released into the bloodstream by endocrine glands.

Endocrine System

A collection of glands that produce hormones to regulate processes such as growth, metabolism, and reproduction.