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What the entry to close the account would include a

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Reference no: EM132908794

Problem 1: On Flex Company's worksheet the revenue account had a normal balance of $4,100. The entry to close the account would include a

A) debit to Income Summary for $4,100.

B) credit to Income Summary for $4,100.

C) debit to Flex, Capital for $4,100.

D) credit to Revenue for $4,100

Problem 2: After closing entries are posted, what is the balance in the Revenue account?

A) $700

B) $0

C) $300

D) Closing entries do not affect Revenue.

Reference no: EM132908794

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