Accounting Closing entries
¡Supera tus tareas y exámenes ahora con Quizwiz!
A revenue account is closed with a credit to the revenue account and a debit to Income Summary.
False
Cash is a temporary account.
False
When closing entries are prepared, each income statement account is closed directly to retained earnings.
False
Which of the following correctly describes the closing process?
net income or net loss is transferred to Retained earnings
