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Home Q & A Board Other Fields Homework Help Business Accounting
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Cdeakle Cdeakle
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5 years ago
Rosewood earned revenues of $19,000 and incurred expenses of $4,500. The owner made withdrawals of $2,500. What is the balance in the Income Summary account after closing net income or loss to the Owner, Capital account?
A) debit balance of $19,000
B) credit balance of $4,500
C) credit balance of $14,500
D) balance of $0
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
Read 80 times
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#1
5 years ago
 D
Explanation:  D) Net Income will be transferred to Retained Earnings account.
The balance in the Income Summary account after closing Net Income or Loss is $0.
Cdeakle Author
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#2
5 years ago
This calls for a celebration Person Raising Both Hands in Celebration
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