An entry is made that reduces the balance in the account to be closed to zero and

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An entry is made that reduces the balance in the account to be closed to zero and records the same amount in the Retained Earnings account. Because the Revenues account has a [Dr. / Cr.] balance, the entry that reduces Revenues to zero must be on the other side; that is, it must be a [Dr. / Cr.].

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Essentials Of Accounting

ISBN: 9780273771463

11th International Edition

Authors: Leslie K. Breitner

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