Question
39) The entry to close the revenue account(s) was entered in reverseIncome Summary was debited and the revenue account(s) was/were credited. The result of this
39) The entry to close the revenue account(s) was entered in reverseIncome Summary was
debited and the revenue account(s) was/were credited. The result of this error is that
A) before closing it, Income Summary will have a credit balance.
B) before closing it, Income Summary will have a debit balance.
C) the assets will be overstated.
D) the liabilities will be overstated.
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
