The First Step in the Closing Entries Is to Close

question 84

True/False

The first step in the closing entries is to close the revenue account(s) into the Income Summary account.

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Definitions:

American People

Citizens or residents of the United States of America.

Economic Expansion

A phase of the business cycle when the economy grows, characterized by increasing employment, economic output, and consumer spending.

Supply-Siders

Advocates of the economic theory that reducing tax rates and regulatory barriers to production lead to an increase in supply of goods and services, driving economic growth.

Tax Rates

The percentages at which income, purchases, or other financial transactions are taxed by governments.