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Home Q & A Board Other Fields Homework Help Business Accounting
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Fast2F Fast2F
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6 years ago
After closing the revenue and expense accounts, Income Summary showed a debit balance of $1,500. Which of the following statements is true?
A) The company had a net income of $1,500.
B) The company's cash increased $1,500.
C) The company had a net loss of $1,500.
D) None of these answers is correct.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
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OmpaOmpa
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6 years ago
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