The First Entry to Close Accounts Is to Debit Revenue

question 46

True/False

The first entry to close accounts is to debit Revenue and credit Income Summary.

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Definitions:

Verb

A part of speech that expresses action, occurrence, or a state of being.

Ballet

A classical form of dance characterized by grace and precision of movement and by elaborate formal gestures, steps, and poses.

Verb

A word used to describe an action, state, or occurrence, forming the main part of the predicate of a sentence.

Route

A way or course taken in getting from a starting point to a destination.