Question: The temporary account used only for the closing process that contains a credit for total revenues ( and gains ) and a debit for total
The temporary account used only for the closing process that contains a credit for total revenues and gains and a debit for total expenses and losses is
the:
Multiple Choice
Balance column account.
Contra account.
Real account.
Income Summary account.
Closing account.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
