Question : 36) The entry to close the revenue account(s) was entered : 1177398
36) The entry to close the revenue account(s) was entered in reverse—Income Summary was debited and the revenue account(s) was/were credited. The result of this error is that: A) before closing it, Income Summary will have a credit balance. B) before closing it, Income Summary will have a debit balance. C) the assets will be overstated. D) the liabilities will be overstated. 37) […]