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I would like help with both of these questions please. Shouldnt the first one be closing to the income summary? I am fairly confident the
I would like help with both of these questions please. Shouldnt the first one be closing to the income summary? I am fairly confident the second one is true, but please let me know if I am incorrect. Thank you!
Question 24 (4 points) Saved The correct closing entry when Total Revenues equal $625,000 is: DR Retained Earnings 5625,000 CR Revenues $625.000 True False Question 25 (4 points) Saved The correct closing entry when closing expense accounts is: DR Income Summary (for total amount of expenses) CR Each individual Expense account for the balances in each account True FalseStep by Step Solution
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