The Utilities expense account is closed by debiting its balance ...

[eruditmonkey@yahoo.com]

The Utilities expense account is closed by debiting its balance and crediting Retained earnings.
 
  Indicate whether the statement is true or false

Question 2

As we compare a merchandise business to a service business, the financial statement that changes the most is the balance sheet.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[ciecieme]

Answer to Question 1

FALSE

Answer to Question 2

False

[eruditmonkey@yahoo.com]

Excellent

[parker125]

Thanks for the timely response, appreciate it