Questions: Question 29 0.2 pts Assess the truth of this statement: The first closing entry requires a debit to the revenue account(s) for its balance, a debit to the capital account of each partner for his/her share of the net income, and a credit to the expense account(s) for the sum of the debits. This statement is true. This statement is false. There is not enough information to determine whether this statement is true or false. There are no closing entries required for a partnership.

The answer is: This statement is false.

Explanation:

1. The first closing entry in accounting typically involves closing the revenue accounts to the Income Summary account, not directly to the capital accounts or expense accounts. This means that the revenue accounts are debited for their balances, and the Income Summary account is credited.

2. Debiting the capital account of each partner for his/her share of the net income is not part of the first closing entry. Instead, after closing the revenue and expense accounts to the Income Summary, the net income or loss is transferred from the Income Summary to the capital accounts of the partners in a subsequent closing entry.

3. Crediting the expense accounts for the sum of the debits is incorrect. The expense accounts are closed by crediting them for their balances and debiting the Income Summary account.

4. There are no closing entries required for a partnership is incorrect. Partnerships, like other business entities, require closing entries to prepare the accounts for the next accounting period.

In summary, the statement is false because it inaccurately describes the process of closing entries in accounting.