Following are Nintendo’s revenue and expense accounts for a recent March 31 fiscal year-end (yen in…
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Question “Following are Nintendo’s revenue and expense accounts for a recent March 31 fiscal year-end (yen in…”
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Explaination:-
Closing the revenue accounts with credit balances–transferring the credit balances in the revenue accounts to a clearing account called Income Summary.
Closing the expense accounts and contra-revenue accounts–transferring the debit balances in the expense accounts and contra-revenue accounts to a clearing account called Income Summary
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