The income statement for the year 2011 of Poole Co.contains the following information:
$\begin{array}{lr}\text { Revenues }&&\$70,000\
\text { Expenses: }\\text { Wages Expense } & \$ 45,000 \
\text { Rent Expense } & 12,000 \
\text { Advertising Expense } & 6,000 \
\text { Supplies Expense } & 6,000 \
\text { Utilities Expense } & 2,500 \
\text { Insurance Expense } & 2,000\\text { Total expenses }&&73,500\
\text { Net income (loss) }&&\$(3,500)
\end{array}$
After all closing entries have been posted, the Income Summary account will have a balance of

Question

The income statement for the year 2011 of Poole Co.contains the following information: 
$\begin{array}{lr}\text { Revenues }&&\$70,000\
\text { Expenses: }\\text { Wages Expense } & \$ 45,000 \
\text { Rent Expense } & 12,000 \
\text { Advertising Expense } & 6,000 \
\text { Supplies Expense } & 6,000 \
\text { Utilities Expense } & 2,500 \
\text { Insurance Expense } & 2,000\\text { Total expenses }&&73,500\
\text { Net income (loss) }&&\$(3,500)
\end{array}$ 
After all closing entries have been posted, the Income Summary account will have a balance of

Quizplus · Accepted Answer

After closing entries, the Income Summary account will have a balance of $0 because it is used to close revenues and expenses, resulting in a zero balance.

The Income Statement for the Year 2011 of Poole Co