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what is the correct 76) Accounts in which the balances are carried over from one accounting period to the next are called A) real accounts.

what is the correct

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76) Accounts in which the balances are carried over from one accounting period to the next are called A) real accounts. B) nominal accounts, C) temporary accounts, D) zero accounts. 77) Closing entries A) need not be journalized since they appear on the worksheet. B) need not be posted if the financial statements are prepared from the worksheet. () are not needed if adjusting entries are prepared. D) must be journalized and posted. 78) Closing entries will affect A) total Assets. B) Cash. C) Owner's Capital. D) total Liabilities. 79) Which of the following accounts should NOT be closed to Income Summary at the end of the fiscal year? A) Salaries Expense B) Fees Earned C) Utilities Expense D) Withdrawals 80) To close the Withdrawals account, A) debit Withdrawals; credit Capital. B) debit Capital; credit Withdrawals. C) debit Withdrawals; credit Income Summary D) debit Income Summary; credit Withdrawals. 81) How do you close a revenue account? A) Debit Capital; credit Revenue B) Credit Capital; debit Revenue C) Credit Income Summary; debit Revenue D) Debit Income Summary; credit Revenue

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