The income statement for the year 2010 of Poole 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 $3,500.
C) a credit balance of $3,500.
D) a credit balance of $70,000.

Question

The income statement for the year 2010 of Poole 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 $3,500. 
C) a credit balance of $3,500. 
D) a credit balance of $70,000.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2010 of Poole 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 $3,500. 
C) a credit balance of $3,500. 
D) a credit balance of $70,000.

The Income Statement for the Year 2010 of Poole Co