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17 Which of the following statements is INCORRECT? BE careful!!! During the closing process we close all of our Revenue accounts by debiting them and
17
Which of the following statements is INCORRECT? BE careful!!! During the closing process we close all of our Revenue accounts by debiting them and crediting the Income Summary account During the closing process we close the "Capital" account to the "Income Summary" account During the closing process we close all of our Expense accounts by crediting them and debiting the Income Summary account When closing Income Summary, if there is a credit balance in the account, then we would debit Income Summary and credit the Capital account for the balanceStep by Step Solution
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