1) Are Gains and Losses considered Element accounts of Revenue and Expenses?2) Do they have DR and CR balances?3) How many Elements are there in Accounting, what are they, and what statements do each appear on.

College Accounting (Book Only): A Career Approach
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Chapter5: Closing Entries And The Post-closing Trial Balance
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Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...
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1) Are Gains and Losses considered Element accounts of Revenue and Expenses?
2) Do they have DR and CR balances?
3) How many Elements are there in Accounting, what are they, and what statements do each appear on.

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