Author Question: Assets are decreased with credit entries. Indicate whether the statement is true or ... (Read 46 times)

armygirl · **on:** Jul 5, 2018

Assets are decreased with credit entries.

Indicate whether the statement is true or false

Question 2

The Income Summary account is used to
a. close the revenue accounts only.
b. close the revenue accounts and expense accounts only.
c. close the drawing account.
d. close revenue accounts and expense accounts and update the owner's capital account.