Response to the following questions:
1. What is the effect (increase or decrease) of a credit to a revenue account (a) in terms of stockholders' equity and (b) in terms of revenue?
2. Tull Company performed services in June for a specific customer for a fee of $2,230. Payment was received the following July. (a) Was the revenue earned in June or July? (b) What accounts should be debited and credited in (1) June and (2) July?
3. Why are closing entries required at the end of an accounting period?
4. What is the difference between an account and a ledger?