When closing the Service Revenue account for the period, what account is credited? A. Cash B. Income Summary C. Owner, Capital D. Service Revenue

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle.
Section: Chapter Questions
Problem 2CYBK: In the revenue cycle, the most significant accounts typically include revenue and accounts...
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When closing the Service Revenue account for the period, what account is credited?
A. Cash
B. Income Summary
C. Owner, Capital
D. Service Revenue
Transcribed Image Text:When closing the Service Revenue account for the period, what account is credited? A. Cash B. Income Summary C. Owner, Capital D. Service Revenue
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