Which of the following statements about closing entries is false? (a) The total debits and...
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Which of the following statements about closing entries is false? a The total debits and total credits must be equal for each closing entry b If there has been a net loss for the year, the Income Summary account is closed by a debit c Every revenue and expense account must be closed out to zero d Closing entries are prepared after all transactions and adjusting entries have been prepared adn posted to the general ledger e Only temporary accounts are closed in the closing.
Which of the following statements about closing entries is false? a The total debits and total credits must be equal for each closing entry b If there has been a net loss for the year, the Income Summary account is closed by a debit c Every revenue and expense account must be closed out to zero d Closing entries are prepared after all transactions and adjusting entries have been prepared adn posted to the general ledger e Only temporary accounts are closed in the closing.
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