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:

Tariffs

Government levies on goods that are imported or exported.

Trade Imbalance

A situation where the value of a country's imports significantly exceeds or is less than the value of its exports, affecting the national economy.

Regulatory Environmental Forces

Government policies, laws, and regulations that affect business operations, particularly concerning environmental protection.

Environmental Scanning

The process of gathering, analyzing, and interpreting information about external influences that could impact an organization's decision-making process.