After the revenue and expense accounts have been closed, the balance in Income Summary will be

Name: After the revenue and expense accounts have been closed, the balance in Income Summary will be
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

Quizplus · Accepted Answer

The balance in Income Summary will be a credit balance of ₤3,400, which represents the net income for the period after all revenues and expenses have been closed. The credit balance indicates that the company has earned more than it has spent, resulting in a profit for the period.

After the Revenue and Expense Accounts Have Been Closed, the Balance