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Accounts that must be closed include Which of the following statements is NOT TRUE regarding closing entries? depreciation expense, service revenue, and dividends Expenses are
Accounts that must be closed include Which of the following statements is NOT TRUE regarding closing entries? depreciation expense, service revenue, and dividends Expenses are closed by debiting retained earnings and crediting each expense account All permanent accounts must be closed to retained earnings at the end of the period. Revenue accounts are closed with a debit to each revenue and a credit to Retained Earnings
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