Unit 6 - Income Summary
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Temporary Accounts
Revenue and expenses are
false
The Income Statement is an informal financial statement
false
The Trial Balance is a formal financial statement
Cash
The capital account gets closed out to
Credit
The entry to close out expenses is
Debit
The entry to close out revenue is
True
There is a loss when the Income Summary has a debit balance after Revenue and Expenses have been closed out
True
There is a profit when the Income Summary has a credit balance after Revenue and Expenses have been closed out
