Revenues total $10 200. Expenses total $7 300. Drawings total $2 600. What is the balance in the Income summary account after closing profit or loss to the Capital account?

Question

Quizplus · Accepted Answer

The balance in the Income Summary account is $0 after closing entries because the net income ($10,200 - $7,300 = $2,900) is transferred to the Capital account, leaving the Income Summary account with a balance of $0.

Revenues Total $10 200