The account to which revenue and expenses are closed is called ...

[burton19126]

The account to which revenue and expenses are closed is called
 a. Cash.
   b. Drawing.
   c. Income Summary.
   d. Net Income.

Question 2

The form of the balance sheet in which assets, liabilities, and owner's equity are presented in a downward sequence is called the report form.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[akudia]

Answer to Question 1

c

Answer to Question 2

True

[burton19126]

Thanks for the timely response, appreciate it

[momolu]

Excellent