Question

After editing an invoice in a closed period, you record the change in income by editing the ________.

a) Income account
b) Retained earnings account
c) Expense account
d) Equity account

Answer 1

After editing an invoice in a closed period, you record the change in income by editing the Income account.

Step-by-step explanation:

After editing an invoice in a closed period, you record the change in income by editing the Income account. When an invoice is edited, it affects the income account because it represents the revenue earned from sales or services provided. By making changes to the invoice, such as adjusting the price or adding/removing items, the income account reflects the updated income generated.