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

Question 85

Multiple Choice

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. 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.

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