66) Depreciation Expense is closed to Income Summary, but Accumulated Depreciation is not closed.

 

67) The income statement and balance sheet sections of the worksheet provide the information needed to prepare the closing entries.

 

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

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

 

70) The balance in Income Summary after posting all revenues and expenses for the period is equal to net income/loss.

 

71) A nominal account is the same as a permanent account.

 

72) A real account is the same as a permanent account.

 

73) After posting adjusting entries, the temporary accounts will be set back to zero.

 

74) Closing entries will update the Capital account to the same figure that is on the balance sheet for that date.

 

75) Income Summary does not have a normal balance.

 

 



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