MANAGEMENT

Detailed explanation-1: -When closing the revenue account, you will take the revenue listed in the trial balance and debit it, to reduce it to zero. As a corresponding entry, you will credit the income summary account, which we mentioned earlier.

Detailed explanation-2: -Since revenue accounts have a normal credit balance, to be closed the revenue accounts must be debited and Income Summary will be credited. The entry to close the revenue accounts is as follows.

Detailed explanation-3: -Include revenue, expense, and gain and loss accounts. Are closed at the end of each period. Reset to a balance of zero at the beginning of a period.