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:

People

Human beings considered collectively, often within a specific context such as a community, nation, or demographic group.

Over

This term is too broad and lacks context for a specific definition in this list.

Native Communities

Indigenous or original groups of people that share common cultural, linguistic, and historical traditions, often connected to specific geographical regions.

Reservations

Mental reservations or doubts that may hinder full commitment to recovery in individuals struggling with addiction.