The income statement for the year 2015 of Fugazi Co. contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be
A)$0.
B)a debit balance of $7,500.
C)a credit balance of $7,500.
D)a credit balance of $70,000.

Question

The income statement for the year 2015 of Fugazi Co. contains the following information:  After the revenue and expense accounts have been closed, the balance in Income Summary will be
A)$0. 
B)a debit balance of $7,500. 
C)a credit balance of $7,500. 
D)a credit balance of $70,000.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2015 of Fugazi Co. contains the following information:  After the revenue and expense accounts have been closed, the balance in Income Summary will be
A)$0. 
B)a debit balance of $7,500. 
C)a credit balance of $7,500. 
D)a credit balance of $70,000.

The Income Statement for the Year 2015 of Fugazi Co