The Income Summary account shows debits of $18,500 and credits of $11,275. This results in a
A) net income of $29,775.
B) net loss of $29,775.
C) net income of $7,225.
D) net loss of $7,225.

Name: The Income Summary account shows debits of $18,500 and credits of $11,275. This results in a A) net income of $29,775. B) net loss of $29,775. C) net income of $7,225. D) net loss of $7,225.
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Question

Quizplus · Accepted Answer

The Income Summary account shows a net loss because the debits ($18,500) exceed the credits ($11,275) by $7,225.

The Income Summary Account Shows Debits of $18,500 and Credits