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nakissa Koomalsingh
on Dec 17, 2024

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Each individual revenue account is debited when closing, and the total of all the revenue accounts is transferred to Income Summary.

Revenue Account

An account that tracks the income earned from normal business operations, such as sales of goods or services, distinguished from other types of income.

  • Define the sequence and purpose behind closing entries.
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BK
Bandu KakdeDec 17, 2024
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