Chapter 10 is a review of Closing Entries.
True
False
True
False
True
False
True
False
True
False
True
False
True
False
True
False
True
False
Debit Capital Credit Income Summary
Debit Income Summary Credit Net Income
Debit Revenue Credit Expenses
Debit Income Summary Credit Capital
Net Income
Net Loss
Net Worth
Fishing Net
Assets, Liabilities, Owner's Equity (Capital)
Revenue, Expenses, Income Summary, Withdrawals
Revenue, Expenses, Net Income, Withdrawals
Revenue, Expenses, Assets, Capital
True
False
True
False
Debit it for the amount of its credit balance.
Credit it for the amount of its debit balance.
Debit Income Summary.
Credit Accounts Receivable.
Did Everyone Ask Dad
Does Everyone's Account Debit?
Debits (increase) Expenses, Assets, and Drawing
Debbie Eats Acidic Donuts
True
False
True
False
True
False
Fees (Revenue)
Rent Expense
Withdrawals
Capital
True
False
Liability accounts
Capital accounts
Permanent accounts
Temporary accounts
The income summary has a normal debit balance.
The income summary has a normal credit balance.
The income summary has no normal balance side.
The income summary account does not exist.
Accounts Receivable
Capital
Withdrawals
Rent Expense
Debit side of withdrawals
Debit side of cash
Credit side of Income Summary
Credit side of Capital
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Here's an interesting quiz for you.