Question
Which of the following statements regarding closing journal entries is correct? A) Revenue accounts are debited and the income summary account is credited. B) Expense
Which of the following statements regarding closing journal entries is correct?
A) Revenue accounts are debited and the income summary account is credited.
B) Expense accounts are debited and the income summary account is credited.
C)Expense accounts are credited and retained earnings account is debited.
D)Revenue accounts are debited and retained earnings account is credited.
Please explain
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Internal Auditing An Integrated Approach
Authors: Richard Cascarino
1st Edition
0702166693, 978-0702166693
