Question Completion Status If a company has $500,000 in revenue at the end of the year, what is the closing antry to vel. (Ne Takarta hii zarii Via Due operang of the next period? Debit Accounts Receivable $500,000; Credit Revenue $500,000 No entry required as Revenue is a permanent account O Debit Revenue $500,000; Credit Income Summary $500,000 O Debit Income Summary $500,000; Credit Revenue $500,000 QUESTION 4 If a company has $110,000 in expenses at the end of the year, what is the closing entry to set the balance to zero for the opening of the next period? No entry required as expense is a permanent account Debt Expense $110,000; Credit Accrued Liabilities $110,000 Credit Income Summary $110,000; Debit Expense $110,000 O Credit Expense $110,000: Debit Income Summary $110,000 3 points Click Save and Submit to save and submit. Click Save All Answers to save all answers. Seve All Answers Savt and