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Q: what would happen if the revenue account was not closed at the end of the accounting period. Just think, if you ran a business and your revenues for the first quarter were $25,000 and $30,000 for
the second quarter. If you did not close out the revenue account for the first period you would start the second period with a balance of $25,000 in the account and thereby end the second period with $55,000 in revenue as opposed to the correct revenue figure of $30,000.
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Asked 1/13/2012 8:07:04 PM
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