Question: The steps in the closing process are (1) close credit balancesin revenue accounts to Income Summary; (2) close credit balances inexpense accounts to Income Summary;

The steps in the closing process are (1) close credit balancesin revenue accounts to Income Summary; (2) close credit balances inexpense accounts to Income Summary; (3) close Income Summary toOwner's Capital; (4) close Withdrawals to Owner's Capital.

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